Wednesday, August 13, 2014

Banks Are Finally Beginning To Work With Cannabis Dispensaries

Banks Will Start Considering Marijuana Businesses

As long as banks are not familiarized or trustworthy of some marijuana businesses and cannabis dispensaries, the legalization in US states like Colorado and Washington, cannot continue to grow.  Thankfully, a US federal official, recently leaked some news related to banks and marijuana businesses and according to him, some credit unions and at least 105 banks, are now working with companies and associations, related to cannabis.  

If marijuana growers, cannabis shops and other marijuana related businesses do not have a place to safely store their profits, they are more vulnerable to thieves and other criminals, who might look at them as easy prey.  

It was this past February, when the Obama administration, also decided to assure financial institutions, about the safety of working with marijuana related companies and how they would not be prosecuted by Federal laws, for doing so, as long as these cannabis businesses, are following all state laws were they are located in.

The Financial Crimes Enforcement Network, will host a speech in Washington DC, led by Jennifer Shasky Calvery and it will try to answer all concerns related to cannabis businesses and legitimate banking opportunities for them.  

While it is still only around 1% of banking institutions in America, which are working with marijuana businesses, we at Zip 420, are certain that this number will keep increasing in the next few years and that soon, marijuana will be a very important legal industry around the world.  

Please remember to share and like this blog post, so that more people can read about how banks are now starting to work with businesses related to marijuana.  You can also sign up, for our free newsletter, by leaving us your email in the box to the right.

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1 comment:

  1. Very slow response. 1% will take cannabis cash. States in a few years more will provide accounts. We need reform now to protect legally permitted businesses now!