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Home 🌿 Marijuana Business News 🌿 Alaska: Marijuana Legal, But Finances Remain In Black Market 🌿Alaska: Marijuana Legal, But Finances Remain In Black Market
Conrad Daley, executive director of the Alaska Cannabis Grower’s Association, tried to get his organization a bank account for months, and has yet to keep one. Two months after finally securing an account with an Alaska KeyBank branch, he received an account closure notice from the bank’s Ohio headquarters with a check for the balance.
“It’s exactly what we’d feared,” said Daley.
Marijuana possession might be legal in Alaska, but state marijuana commerce will stay as black a market as bootlegged rum during Prohibition until banks find ways to operate under restrictive financial laws stemming from the Controlled Substances Act.
Alaska’s post-legalization issues mirror those of other states where medical or recreational marijuana are legal, such as Colorado and Washington, where the marijuana business has been booming in a cash-only sense as banks stay away from marijuana-related deposits.
Though legal to possess and consume in the state of Alaska as...
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