All-cash business a headache for the marijuana industry
America’s cannabis industry may be booming, but its entrepreneurs are finding the all-cash business a logistical, security and administrative headache as they try to manage all the money they’re making.
Legalized for medical purposes in 29 states and recreational use in eight, the drug remains illegal under federal law.
Most banks therefore refuse to have anything to do with the industry, forcing marijuana dispensaries across the country to operate only in cash, keeping bagfuls of dollars in their heavily guarded backrooms and employing discreet couriers.
“It’s a very serious issue,” says Steve DeAngelo, a leading cannabis activist and founder of California’s Harborside Center, a medical marijuana dispensary company.
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