Legitimate Banks Are Starting to Work with Weed Companies, Despite Prohibition

2m read

The financial industry is growing increasingly confident that Congress will eventually remove the restrictions preventing them from serving the cannabis industry.

Article Preview

Over the past year, the number of banks and credit unions now serving the cannabis industry has grown by 62 percent, even though the federal government strictly prohibits these institutions from handling funds connected to what it deems an illegal drug.

By June 30, the end of the most recent federal fiscal quarter, 553 banks and 162 credit unions reported to the federal government that they were providing financial services to cannabis businesses. This marks a sizable increase over the previous quarter, in which 493 banks and 140 credit unions reported...

Read the full article @ Merry Jane