Cannabis Banking Is a Matter of Public Safety – Law.com
Let’s say ABC LLC applied for and was granted permits to grow, process and dispense cannabis pursuant to its state’s medical marijuana regulations. ABC now operates a 120,000-square-foot cultivation facility and sells its cannabis-related products, which include THC and CBD vape oils, tinctures and pills, through three dispensaries. Because, as discussed below, marijuana is federally unlawful, ABC has been unable to obtain a bank account with a commercial bank. ABC’s workarounds to not having the same access to capital and daily banking services hinder its business and raise issues of public safety in ABC’s local communities.