Cannabis cash conundrum: Some businesses bury money, others truck it to a federal vault
Cannabis and banking industry trade groups, attorneys, regulators and others, are trying to figure out how to bring the cannabis industry into the financial mainstream
The Cannabist (US)
Wednesday, July 12, 2017
Wednesday, July 12, 2017
With recreational use set to become legal next year under Proposition 64, cannabis sales in the state are expected to top $7.5 billion in 2020, up from about $3.3 billion last year, according to data provider New Frontier and cannabis investor network Arcview Group. But while Proposition 64 broadened the legal use of pot, it did nothing to relax banking regulations. “It left significant questions unresolved,” California Treasurer John Chiang said. “How do you handle the taxation of cannabis dollars and the banking of billions of dollars of transactions that are going to take place here in California?” (See also: State lawmakers group endorses descheduling of cannabis with eye on banking)
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