(Cannabist) Marijuana business owners looking for banks willing to handle their accounts are finding resistance in the most unlikely place: their own industry.
Recent federal guidelines opened the door slightly between banking and marijuana — two industries kept apart by federal laws that still deem the drug illegal. But business owners in search of a bank account — for little more than a place to deposit wads of cash and pay employees — are finding it’s more an industry trade secret than they expected.
On one level, pot businesses with bank accounts are worried they could endanger what’s likely a precarious relationship simply by allowing its existence to be known.
On another, it’s a matter of good old-fashioned competition at work — survival of the fittest.
And those able to open bank accounts are in better shape than those who can’t, mostly because doing business becomes so much easier.
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