Marijuana Business Owners Have Closed Door Meeting With Banking Officials
Colorado Marijuana business owners hold a closed-door meeting with federal banking officials. The hope is to find a workable answer to the banking problem facing the Marijuana industry.
Because Marijuana sales are still a federal crime the anti-money laundering laws for banks are still in play. That fact has caused many banks to back away from doing business with the legal Marijuana industry in Colorado.
Last year guidelines were set up for banks to do business with Marijuana shops, but that still hasn't help. The problem there is it cost banks to follow these guidelines and the fact is banks take in money not spend it.
The meeting today is hoping to find some sort of answer that will help open banking services to Marijuana dispensary's in Colorado and Washington.
If the Marijuana shops had a banking partner it would make it easier for them to pay their bills like rent, utilities and employees. They could also make regular deposits cutting down on the amount of cash they have on hand.
The lack of banking services is also one reason why the dispensary's are a cash only business. Having a bank account would allow dispensary's to take bank and credit cards as payment.
Don't expect anything to happen overnight but at least they are moving in the right direction.