The Cannabis Business Banking Crisis - The National Cannabis Industry Association
The fledgling legal cannabis industry has faced numerous challenges since California voters made the state the first to approve the plant for medical use in 1996. Since then, an additional 29 states and the District of Columbia have legalized cannabis for either medical and/or adult-use purposes yet it still remains a Schedule I controlled substance in the eyes of the federal government. This has caused immense headaches for cannabis business owners in a multitude of ways – especially when it comes to balancing the books. The majority of traditional banking institutions refuse to work with clients that touch the cannabis plant, leaving many businesses to operate as cash-only while at the same time missing out on the traditional financial and lending opportunities given to other businesses.
“Being forced to hire an armored truck just to pay taxes or provide payroll isn’t only a hassle – it’s also extremely dangerous,” says Harry Resin, who longs for the day when he can open a business checking account for his cannabis company, URB Delivery. “People’s livelihoods – and frankly their lives – are constantly at risk when you’re dealing with large amounts of currency.”
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