Marijuana Dispensaries Will Be Cash Businesses Unless Banks Let Them Be Customers

MASSACHUSETTS:  As nine dispensaries prepare to open in Boston’s suburbs to dispense medical marijuana in 2015, several have yet to find a bank that will take their money because the drug is still illegal on the federal level. “As a federally regulated financial institution, we abide by federal law and do not bank marijuana-related businesses,” said Mark Pipitone, a spokesman for Bank of America. While 63 percent of Massachusetts voters approved the legalization of medical marijuana nearly two years ago, dispensaries are scurrying to find a bank to accept deposits, which would allow them to avoid having to accept cash for their products and allow them to pay bills with checking accounts. The prospect of an all-cash business touches the nerves of the new medical marijuana entrepreneurs.

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