An increasing number of states are moving to allow cannabis for recreational or medical use, but federal prohibition remains unchanged, for now. As a result, banks that accept marijuana industry money run the risk violating U.S. money laundering and other laws.
Due to financial services providers' reluctance to work with marijuana businesses, many dispensaries are forced to operate on a cash-only basis, which makes them prime targets for robberies.
A key congressional committee voted to defeat an amendment that would have protected banks that work with marijuana businesses from Treasury Department sanctions. If that measure were enacted into law, even more financial institutions would likely feel safer working with the cannabis industry.
The new data, covering the last quarter of 2017 and the first quarter of this year, was uploaded to FinCEN's website last month and represents the two most recent releases in a set of periodic updates on marijuana banking. Earlier data released late last year also showed an increase in the number of financial institutions working with cannabis businesses.
Source : Tom Angela/Forbes