As recreational marijuana expands on both coasts of the United States, one major barrier for the profitable industry is banks. Legal dispensaries can’t get bank accounts, and as cannabis lawyer Mitchell Kulick explains: “it’s a real challenge to the industry.” Kulick, who is a partner at the New York City law firm Feuerstein Kulick LLP, spoke to Salon’s Amanda Marcotte on Salon Talks about why banks won’t participate in the cannabis industry and how this stance could actually lead to danger. On why legal dispensaries can’t get bank accounts: The banking laws in the United States are federal banking laws… and these banks have a lot to protect, and for them to risk being involved, you have to understand marijuana is still illegal on a federal level, so for them to risk their licenser and their charter to participate in this synergy, which is by all accounts a big industry but by a bank account, it’s a small industry.
Why Can’t Legal Marijuana Dispensaries Get Bank Accounts?
Rachel Leah, Salon: Politics
Wed, 09/06/2017 - 4:59am
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