Difficulty accessing typical business banking services has plagued the cannabis industry since its inception. While cannabis remains a largely a cash-based industry in some states, numerous companies have managed to tactfully operate around financial obstacles with some success.
The main concern banks face is that because marijuana remains on Schedule 1 of the Controlled Substances Act, accepting deposits from cannabis businesses that actually handle the plant can be deemed money laundering. Under federal law, money obtained from illegal transactions cannot be FDIC insured, and banks are required to insure all their depository accounts. You see the problem.
However, more banks are accepting of cannabis than ever before.
Full Article / Source: www.greenentrepreneur.com