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Way Out Of Marijuana Cash-Only Business Stand-Off

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The Marijuana industry generates millions of dollars, if not billions, in the midst of conflicting federal and state laws.  The fact that marijuana is still a controlled substance means banks and credit unions cannot take any marijuana cash.

 Cash-Only Challenges

The standoff has given rise to one of the biggest challenges which as it stands has had serious repercussions on businesses looking to take advantage of growing demand for marijuana products.

Dealing in cash has brought about its fair share of problems, in an industry that should be regulated to the penny.  Cannabis businesses have been forced to install ATM machines in their business, since they cannot process debit or credit cards.

Dealing only cash means business have to contend with higher taxes as well as expenses for using unmarked vehicles to move cash around.  Businesses that handle thousands of dollars in a day also have to hire 24 hour security for protection. Installing of safes and vaults all but compounds the woes in the sector.

Some marijuana businesses are also struggling to get their feet off the ground given that they cannot access loans from banks to meet their financial obligations or for expansion plans.

 Solutions

With more states legalizing recreational use of marijuana, many operators believe it is time the federal government allowed banks to handle marijuana cash. Banks coming onboard is the only way the federal government will be able to prevent money laundering and track businesses to ensure they pay their fair share of taxes.

It is high time that legislators acknowledged that the marijuana industry will continue to grow amidst the cash banking debacle.  Approval of legislation that would allow credit unions and banks to handle cash from the marijuana business may be the only way out of the current stand off

However, given that legislation look to be far away, one can still make money that is bankable from the industry.  For example, one can sell complementary products that have marijuana designs. As long as one is not dealing directly with the federally prohibited product, banking of cash from such sales should not be a problem

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