For marijuana businesses, banking and investing can be complicated given federal prohibitions against marijuana sales. While a growing number of states are approving marijuana for medical use or recreational use, those involved in the marijuana business face a legal predicament with regards to banking.
Local and national financial institutions do not the risk of taking "drug money." Many businesses have been forced to operate on a cash-only basis, leaving them vulnerable to theft and other crimes. Despite previous challenges, recent reports indicate that the banking industry and federal regulatory agencies may be opening doors to dispensaries.
Since Colorado legalized recreational pot at the start of 2014, more than 100 banks and credit unions nationwide have begun banking with marijuana dispensaries and other companies. While this is only 1% of the total banks in the country, it indicates marijuana business owners are getting more opportunities in the financial sector. Our Orange County marijuana dispensary attorneys are dedicated to protecting the rights of clients throughout Southern California. We are abreast of changes in marijuana law, compliance issues, as well as complex legal questions for pot business owners and operators. In addition to helping ensure compliance, we are also able to provide strategic representation in the event of a criminal investigation.