Medical marijuana may be legal in many states, but federally, it is still illegal. This means that banks run the risk of being charged with money laundering or other crimes for working with what the federal government considers an illicit activity. This creates a precarious situation where billions of dollars of state-licensed marijuana profits are handled almost exclusively in cash. What are the laws the set up this framework? What problems does this create? What is the solution?
Tag Archives: Bank Secrecy Act
One decision by a major bank could mean trouble in the not-too-distant future for marijuana stocks.
To help you get started, this guide will provide the basics on how to open a bank account for your cannabis business.