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At the Moment, It's Tough to Find a Bank for Marijuana Businesses in Colorado


Marijuana might be legal in Colorado, but that doesn't mean there aren't significant obstacles standing in the way of successful business operations. If you run a marijuana-related business, it's likely you face the problem of what Molly Armbrister for the Denver Business Journal calls "pot banking" - or, rather, the lack of it.

Armbrister writes: "Because marijuana remains illegal at the federal level, banks and credit unions cannot offer services to these companies because they are governed by federal entities, either the Federal Deposit Insurance Corp. or the National Association of Credit Unions."

In other words, it's a forced cash-only business for marijuana businesses in Colorado, at least those who haven't managed to find a bank that will service them in secret (as Armbrister reports is apparently happening). Cash isn't anything new, certainly not for those who may have been "involved" in marijuana prior to its legalization, but the overall lack of banking options would hamper any legitimate business, never mind marijuana.

For more, read Armbrister's report.

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