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Home 🌿 Marijuana Business News 🌿 Just 40 percent of marijuana-related businesses have bank accounts 🌿Just 40 percent of marijuana-related businesses have bank accounts
State-legal marijuana businesses struggle with federal banking roadblocks.
According to a new survey of 400 cannabis professionals across the country conducted by Marijuana Business Daily, just about 40 percent of marijuana-related businesses have bank accounts for their companies.
Of businesses that actually handle the cannabis plant directly, only 30 percent have bank accounts, while 51 percent of ancillary firms in the cannabis industry have business bank accounts.
This underscores how difficult the situation is even for companies that don’t touch marijuana, such as consultancies, software providers and other firms that sell products and services to the industry or cannabis consumers.
Banking institutions cautious of marijuana industry profits
Bankers are largely cautious of getting involved with marijuana-related businesses due to the plant’s illegal status at the federal level.
Despite the Treasury Department’s stated goal of enhancing “the availability of financial services for, and the...
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