It’s Getting Easier for Marijuana Companies to Open Bank Accounts
Stateline has a nice article today (posted here) suggesting that marijuana suppliers are increasingly able to obtain financial services from banks and credit unions. The article notes that as of June 2017, roughly 400 banks and credit unions reported providing services to marijuana-related businesses. It suggests that some states (like Washington) have facilitated access by helping these banks comply with the Treasury Department’s (FinCen’s) 2014 guidance to financial institutions (discussed in the book on pages 681-695).
The article also notes that Hawaii recently launched a cashless payment system for its medical marijuana industry. That system is designed as a substitute for traditional banking services.