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Banking - Page: 2
The federal government taxes cannabis mercilessly, and all in cash.
Opening an account is challenging but in many states banks are increasingly accepting deposits from of cannabis companies.
Marijuana businesses are mostly blocked from banks and have onerous compliance obligations. Blockchain is a promising solution to both problems.
U.S. banking regulations making cannabis the toughest business there is for funding and investing.
New York state officials, including the governor, have gone on the record saying cash-only businesses are a public safety problem.
Federal law all but requires legal marijuana to operate strictly in cash, while in Canada banks are helping that nation's cannabis industry boom.
Exclusion from federally regulated banks is a big problem for the cannabis industry that California is considering how to solve.
Legal marijuana is on track to soon be a $40 billion industry. It could be much bigger still if Washington allowed it.
Federal rules effectively barring marijuana businesses from using banks stymie the medical marijuana industry.
Senators Elizabeth Warren and Bernie Sanders want regulators to stop penalizing legitimate vendors hired by marijuana businesses left in a legal gray area between state and federal law.
Banks and credit unions often cite "reputational risk'' as a reason for not working with cannabis businesses but research shows there is little risk they would be stigmatized.