L.A. Considers Plan for City-Owned Bank Friendly to Marijuana Businesses
Of the many roadblocks confronting cannabis entrepreneurs, access to banking services is among the biggest and costliest.
Despite marijuana being legal at least for medical use in 29 states, cannabis remains illegal at the federal level.
That prevents major interstate banks from providing loans and other routine financial services to marijuana businesses, leaving most marijuana businesses operating on a cash-only basis.
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