Pot Money

Pot Money Encouraging Public Banking in California

Canna-businesses have a unique problem: They are making huge profits in an emerging market unmatched in financial growth, yet they cannot secure any of it with the bank. The U.S. banking system falls under the Federal Reserve, which is solely responsible for national regulating, and weed remains federally illegal, categorized as a Schedule 1 drug with no medical value and a high potential for abuse. Despite this incorrect classification of marijuana by the Drug Enforcement Agency, people are unable to deposit cannabis-related monies into any national banks. All weed deposits are subject to federal seizure, which is why both banks and marijuana businesses are dubious of transacting with each other. Business owners mostly transact in cash and stash their profits under floorboards and in pillow cases. Cash-only sales put marijuana businesses at high risk of crime. They are targets for criminals who rob and steal from them. Now, the State …

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