Articles Tagged with financial services

Federal banking regulations have made the operation of a cannabis business both a complicated and dangerous proposition. Because cannabis is still classified as a Schedule I drug under federal law, any transactions made at a cannabis business operating lawfully under state law are, nonetheless, considered illegal drug money under federal law. This is a problem for banking institutions, because they are subject to federal law and banking regulations. Most cannabis businesses have no alternative other than to operate exclusively in cash. Continue reading

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