Cash-flush US maijuana sellers left high and dry as banks shun industry
Marijuana is illegal on a federal level, preventing institutions from servicing the sector
24 May 2021 - 11:04
Bengaluru — The US cannabis business has a very particular cash flow problem — too much of it.
Marijuana can be sold legally in 36 US states and the District of Columbia (DC) for medical use and in 15 of them and in DC for recreational purposes. But it is still illegal on a federal level, meaning most banks will not service the industry in case they fall afoul of money-laundering laws...
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