Marijuana Business Owners Have No Dock To Bank Cash

In 2014, A lack of banking — from deposits to paying employees — was the biggest challenge for every pot business.

COLORADO:  The year began with one of the  nation’s biggest ATM sponsors refusing to allow its machines to be in businesses with ties to the marijuana trade, and it ends with the  first credit union of its kind at the precipice of opening its doors.

For the recreational marijuana trade, the roads into and out of 2014 are a study in contrasts, where the initial lockdown against access to banking services appears to be cracking, even as the drug remains illegal under federal law.

The industry’s biggest hinderance to calling the first year of legal sales in Colorado a huge financial success — more than $300 million in sales in recreational sales alone — has been the absence of a place to put all that cash.

A lack of banking — from deposits to the simple act of writing a check to pay an employee — was the biggest challenge for every pot business .

Read full article @ Denver Post

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