A pesky problem: Why the cannabis industry still can’t openly bank


This article was originally published on The Cannabist

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The burgeoning cannabis industry continues to grow — sales in Colorado are on pace to surpass $1 billion in 2016 and at least a half-dozen states will be voting on marijuana-related initiatives this November.

But cash still has to be king in this business.

“(Banking is) still at a standstill right now,” says Alicia Wallace, Cannabist national policy and business reporter. “Marijuana — on a national level, on a federal level — is still illegal, so there are no firm regulations on banking.”

Wallace joins The Cannabist Show to talk with Cannabist editor-in-chief Ricardo Baca about what has progressed in banking, how marijuana businesses have adapted, and the efforts of operators such as Colorado’s Fourth Corner Credit Union.

Watch the full episode of The Cannabist Show

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