{"id":535,"date":"2016-02-02T18:14:11","date_gmt":"2016-02-02T18:14:11","guid":{"rendered":"https:\/\/www.dispensaries.com\/blog\/?p=535"},"modified":"2017-11-09T10:57:40","modified_gmt":"2017-11-09T18:57:40","slug":"banks-wont-touch-marijuana","status":"publish","type":"post","link":"https:\/\/www.dispensaries.com\/blog\/banks-wont-touch-marijuana\/","title":{"rendered":"Banks Won’t Touch Marijuana"},"content":{"rendered":"

Support of marijuana is at an all time high but there’s still one group that’s not so hot on legal pot: \u00a0banks.<\/p>\n

Banks Pass On Marijuana Money<\/h2>\n

Weary to touch money associated with selling an illegal, illicit drug, banks have insisted on steering clear of anything related to pot. \u00a0This even includes places like Oregon and Alaska where marijuana is legal according to state amendments.<\/p>\n

This past year\u00a0Colorado chartered the Fourth Corner Credit Union, a proposed fix for the business of banking weed profits. The Federal Reserve, citing federal law (i.e. “transporting or transmitting funds known to have derived from the distribution of marijuana is illegal”), rejected<\/a>\u00a0the charter. \u00a0This effectively blocked it from accessing the national banking system, leaving an estimated $700 million per year, just in Colorado alone, to be handled in all cash.<\/p>\n

Risk To Marijuana Business Owners<\/h3>\n

Lack of banking access has forced dispensary owners to keep all cash, which makes business even riskier. \u00a0Safety issues<\/a> and fear of theft\u00a0are real, but\u00a0BudTenders and dispensary owners have been left to fend for themselves.<\/p>\n

All the more frustrating is that dispensary owners who are proactively paying taxes are being penalized for doing so in cash. \u00a0Jamie Perino, CEO of Euflora dispensaries told<\/a> NBC News,\u00a0“It’s really frustrating. \u2026 When I go to pay my federal taxes, you get a 10 percent penalty for paying in cash, but we can’t have a bank account. So it’s just a big Catch-22.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Marijuana business owners have more green than they’d like. Cash is unable to be deposited into banks which is creating these major problems and risks.<\/p>\n","protected":false},"author":8,"featured_media":2157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[81,50,57,87,49],"yoast_head":"\nBanks Won't Touch Marijuana | Cannabis Money | Marijuana Industry<\/title>\n<meta name=\"description\" content=\"Marijuana business owners have more green than they'd like. Cash is unable to be deposited into banks which is creating these major problems and risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dispensaries.com\/blog\/banks-wont-touch-marijuana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks Won't Touch Marijuana | Cannabis Money | Marijuana Industry\" \/>\n<meta property=\"og:description\" content=\"Marijuana business owners have more green than they'd like. Cash is unable to be deposited into banks which is creating these major problems and risks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dispensaries.com\/blog\/banks-wont-touch-marijuana\/\" \/>\n<meta property=\"og:site_name\" content=\"Dispensaries\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/dispensariescom\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-02T18:14:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-11-09T18:57:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dispensaries.com\/blog\/wp-content\/uploads\/2016\/02\/banks-wont-touch-marijuana.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"650\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dispensaries Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dispensariescom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dispensaries Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.dispensaries.com\/blog\/banks-wont-touch-marijuana\/\",\"url\":\"https:\/\/www.dispensaries.com\/blog\/banks-wont-touch-marijuana\/\",\"name\":\"Banks Won't Touch Marijuana | Cannabis Money | Marijuana Industry\",\"isPartOf\":{\"@id\":\"https:\/\/www.dispensaries.com\/blog\/#website\"},\"datePublished\":\"2016-02-02T18:14:11+00:00\",\"dateModified\":\"2017-11-09T18:57:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.dispensaries.com\/blog\/#\/schema\/person\/b2935feeb3a368f3c87819d4c4d4cad0\"},\"description\":\"Marijuana business owners have more green than they'd like. 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