WASHINGTON: As the recreational and medical cannabis market blooms in Washington state, trepidation surrounding banking remains a major hurdle for financial institutions and pot businesses alike.
In Washington state, there are only five or six institutions that loan money or finance marijuana retail stores, said Robert McVay, an attorney with the Canna Law Group.
Banks deal with more regulators than any other industry in the country, McVay said.
And that makes it hard for large financial institutions to get involved in an industry that is still illegal under federal law. Bank of America, VISA and others won’t touch the industry.