[Source: International Cannabis Business Conference]
Right now as you are reading this article, chances are someone in Colorado is making a legal marijuana purchase. The transaction involves cash, the amount of which likely ranges between $20 to multiple hundreds of dollars. When you compile all of these cash transactions throughout the day, the pile of money that results is sizable. For some recreational or medical marijuana stores in Colorado, the pile is so large that they are having trouble finding a place to keep it, Since federal banking laws are hazy at best when it comes to marijuana businesses. In related news, safe and vault sales are on the rise in Colorado.
Large piles of cash lying around can pose some public safety issues, as they are magnets for robbers. This is something that non-marijuana businesses haven’t had to deal with since the invention of armored transport (something else that marijuana businesses can’t use). Colorado lawmakers were trying to change that problem, but efforts were squashed this week.
Read entire article here: Colorado Lawmakers Shoot Down Cannabis Banking
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