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Few Banks, Credit Cards Want Marijuana Industry Business

Submitted by Marijuana News on Tue, 05/19/2015 - 08:00

Even though marijuana sales are legal to one degree or another in two dozen states, the business remains primarily a cash-based one where a buyer has to visit a physical location to make a purchase and the seller has no place to put the cash because most banks will not accept it.

The country’s biggest banks like JPMorgan and Wells Fargo will not accept deposits from businesses involved in the marijuana business, saying that because marijuana sales remain in violation of federal law they will not take the chance. Smaller banks have tried to serve marijuana businesses, but have run up against high reporting requirements and regulatory expenses.

The U.S. Treasury has followed the lead of the U.S. Department of Justice which has adopted a policy of looking the other way in states where marijuana sales are legal as long as the sales do not set off alarms such a...

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