Most banks won’t work with legal weed businesses as long as marijuana is still federally illegal. Congress could soon fix that. Learn more about this story at …
6 responses to “Why marijuana businesses can't use banks”
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ALL financial institutions covered under Federal Deposits Insurance Corporation (FDIC) or National Credit Union Association (NCUA) MUST follow anti money laundering and other federal legislation designed to deny terrorist organizations untraced funds. To that end, they cannot do business with drug pushers posing as 'pharmaceutical' companies who are under no regulatory or clinical oversight. Doesn't matter if getting stoned is legalized; the laws are still in effect and banks who don't want to lose coverage of their depositors' money, won't play ball.
So…secure banking, or runs on insolvent banks due to failed pot loans? Your choice.
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The marijuana industry has a banking problem crypto can solve!
ALL financial institutions covered under Federal Deposits Insurance Corporation (FDIC) or National Credit Union Association (NCUA) MUST follow anti money laundering and other federal legislation designed to deny terrorist organizations untraced funds. To that end, they cannot do business with drug pushers posing as 'pharmaceutical' companies who are under no regulatory or clinical oversight. Doesn't matter if getting stoned is legalized; the laws are still in effect and banks who don't want to lose coverage of their depositors' money, won't play ball.
So…secure banking, or runs on insolvent banks due to failed pot loans? Your choice.
Legalize marijuana worldwide!
Use cryptocurrency, screw the banks
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