Cannabis Jul 13, 2016 at 4:00 am

It’s Still Impossible for Cannabis Businesses to Open Bank Accounts

Comments

1
It is not impossible for cannabis dispensaries to open bank accounts. Weed App Financial currently has 35 US FDIC Insured Banks accepting dispensary applications with a compliancy vetting process. Once accepted, brick and mortar locations may also process credit cards over the US Credit Interchange for the first time. weedapp.co
2
While banks are hardly sympathetic entities, they are highly regulated by the federal government, which still says the weed is illegal. The root of the problem lies with the federal government, not with the banks.
3
Banks are very interested in any booming industry with high capital needs. As Demondog and the article correctly note, all banks (large and small) are insured by a federal government entity known as the FDIC. It will take an act of Congress to allow banks to do business with the marijuana industry without jeopardizing their deposit insurance. Luckily, our Oregon Senators are on it.
https://www.merkley.senate.gov/news/pres…

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