By Nikole Tower | AZBigMedia
Where would you put your money if you weren’t allowed access to a bank? In a safe? Under the mattress? Maybe a friend can hold onto it for you? Now, let’s say you’re operating a successful business and the money is flowing in at a generous rate. Putting cash like that in a safe, under a mattress or with a friend might make you feel a little uneasy. This is the problem marijuana dispensaries country-wide face on a daily basis. Laws on what usages of marijuana is legal or illegal may vary state by state, but under the eye of federal law, it should be avoided at all costs.
The Department of the Treasury Financial Crimes Enforcement Network laid out the expectations for banks regarding marijuana-related businesses. The Controlled Substance Act (CSA), “makes it illegal under federal law to manufacture, distribute, or dispense marijuana,” according to the memo. Banks are insured under federal law, so if they decide to do business with a dispensary, then they risk losing their insurance.
