You are here

Home 🌿 Marijuana Business News 🌿 Where to Stash Cannabis Cash? Tribal Nations Make Bid to Bank It 🌿

Where to Stash Cannabis Cash? Tribal Nations Make Bid to Bank It

Submitted by Marijuana News on Tue, 10/13/2015 - 08:45

Shaun Gindi brought a duffel bag stuffed with 1,000 twenty-dollar bills to open a checking account at his local Chase branch. He was successful. Until the branch closed the account a week later.

“I’ve gone through at least eight banks,” said Gindi, 38.

As the owner of two marijuana shops and a weed warehouse in Colorado, where the drug is legal, Gindi is a pariah to banks, which face expensive compliance hurdles and uncertain legal consequences because ganja still violates federal law. Of the more than7,600 banks and credit unions in the U.S., only 220 accept cannabis cash, according to the U.S. Treasury Department.

Anthony Rivera says he has a solution: an American Indian banking system.

Rivera, a Harvard Business School graduate who led the 1,940 members of the Acjachemen Nation in Southern California...

READ MORE: 
Bloomberg
Rate this article: 
Region: 
United States

This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.


420 Intel is Your Source for Marijuana News

420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.

420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.

Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.

You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.