This article was originally published on The Cannabist
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.