HomeGlobal NewsMarijuana Businesses Allowed to Open Accounts With U.S. Banks

Marijuana Businesses Allowed to Open Accounts With U.S. Banks

The United States government took a huge step towards legitimizing the cannabis industry by allowing U.S banks to offer accounts and other services such as merchant ID’s to help the sale of recreational and medical cannabis.

The Financial Crimes Enforcement Network issued guidelines for the participating banks intent to reduce the danger that sellers face when operating an all cash business. Basically they all want in now and when you have an all cash business it is quite easy to not declare all of it.

By allowing these new business to accepted credit and debit cards the government and banks can keep an eye on how much money is being processed and they can make a judgement call on how much tax revenue they are going to generate from it.

I do like the Idea that you will be able to go and pay for your weed with your debit card and be able to ask for a recipe, that thought just brings a smile to my face. I can just he the cashier say “Would you like any cash back sir” hahahah.



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