Over $3 billion a year to be made in cannabis, and we’re still battling banks? You won’t believe these safety issues!
Something isn’t right here. Marijuana businesses in 23 states are projected to make $3 billion per year, but yet one major blockade is in their way.
For all of those that have been following the cannabis industry during its birth stages, there have been plenty of problems – especially regarding big banks.
Because marijuana is still considered a Schedule I drug, banks have to be compliant with federal law, which causes a whirlwind of problems for cannabusinesses everywhere.
Out of nearly 13,000 banks and credit unions throughout the country, only about 185 of them have opened accounts for cannabis-related businesses. This equates to nearly 90% of the cannabis industry being cash-only businesses. This obviously is a gigantic safety issue and puts many at risk.
As the cannabis industry continues to become more established, we are hoping that businesses will be able to utilize big banks and not be faced with the risk of running a cash-only business with millions of dollars.
Nonetheless, as laws continue to change, so will the situation in due time. For now, the only question is when?