The Business of Marijuana

money.png

Banks have been given the green light to work with legal marijuana sales; but they might not be ready to cash in.

Since recreational marijuana becoming legal in Washington and Colorado business has been booming. But now it's time to get serious and the pot shops need to set up savings accounts, payroll and pay taxes.

To help them with the business side of things the Obama administration has given banks the green light to work with established and legal marijuana operations. This gives businesses somewhere safe to stash cash and it gives Uncle Sam a way to collect his cut. But not everyone is fired up about the idea.

The president of the Colorado Bankers Association says the government is basically telling them to serve customers at their own risk. And he says banks are on their own when it comes to any fallout. Banks say despite individual state law the use of marijuana is still a federal offense. And they would like to steer clear of any drug racketeering charges. Looks like the hope for a benefits package is going up in smoke.