Marijuana Businesses Pay Taxes, but Many Don’t Have Bank Accounts

It’s now legal to use marijuana, medically or recreationally, in 28 U.S. states. But many cannabis businesses still can’t access the banking system — and that has repercussions far beyond where dispensaries store their cash.

Marijuana remains illegal to buy, sell or possess under federal law. And because most banks are insured by the Federal Deposit Insurance Corporation (FDIC), they must comply with federal law.

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Source: Marijuana Businesses Pay Taxes, but Many Don’t Have Bank Accounts