January 15, 2021 Feature

Banking Marijuana Business: A Primer on This Emerging Field

By Adrian F. Snead

Imagine that you run a store. Everything you sell is legal, according to the law where you live. You have inventory, employees, and a very advanced sales tracking system. Yet, you cannot accept credit cards, and you can’t pay your employees, suppliers, or bills with checks. Paying state and federal taxes requires you to haul bags of cash to the Internal Revenue Service and state revenue offices. In fact, everything you do has to be paid with cash.

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