Don’t bank on depositing all that marijuana money

POt bankBy Ray Stern | Phoenix New Times

On a recent Friday afternoon, Nick Kriaris, owner of Encanto Green Cross medical marijuana dispensary in Phoenix, and his brother, Chris, tried to open an account at Bank of America for their nonprofit business with $420 in cash.

The attempt at the bank branch at 3030 North Central Avenue was, to some extent, a stunt, from the pot-culture-inspired amount of the initial deposit to the dispensary employee videotaping his bosses. They knew the odds of success were minimal, if not zero.

But if the bank agreed to take the medical-marijuana retail shop’s money, it would have been something of a minor historical moment. Although dozens of dispensaries are authorized to operate in the state, no bank will deal openly with them — yet.

Continued:

Related: It’s time to legalize pot and tax it

Study: Marijuana use has increased in Colorado

If you’d like to discuss marijuana issues, contact Ryan Hurley, director of the Rose Law Group Medical Marijuana Department rhurley@roselawgroup.com

Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories