Cannabis Conundrum for Banks Reviewed by Momizat on . [caption id="attachment_13535" align="aligncenter" width="615"] Cannabis Conundrum for Banks[/caption] Currently, 20 states and the District of Columbia allow s [caption id="attachment_13535" align="aligncenter" width="615"] Cannabis Conundrum for Banks[/caption] Currently, 20 states and the District of Columbia allow s Rating: 0
You Are Here: Home » QuickPress » Cannabis Conundrum for Banks

Cannabis Conundrum for Banks

Cannabis Conundrum for Banks

Cannabis Conundrum for Banks

Currently, 20 states and the District of Columbia allow some type of legal marijuana use.  On January 1st of this year, supply shops all across Colorado began selling to the general public (age 21 and over), in accordance with a voter referendum.  Medicinal use bills have been filed or are expected to be introduced in eight additional states, while full legalization bills like that of Colorado have been filed in Vermont and New Hampshire.  California has organized a committee to review how it can institute and oversee its own legal marijuana market. 

The reason states are getting into the marijuana business is simple:  money.  On the first day of legal business, Colorado shops sold over $1 million of product.  ArchView Market Research estimates national legal marijuana sales (recreational and medical) were $1.3 billion in 2013 and expects sales to skyrocket to $2.4 billion in 2014.  The problem?  Marijuana remains illegal under the federal Controlled Substances Act and financial institutions are barred from accepting money from marijuana transactions or else face civil and criminal penalties.  As such, banks have refused to accept the business of marijuana establishments.  From the proposal of state-owned banks to the Marijuana Businesses Access to Banking Act in Congress, find out how banks are stepping through a minefield of legislation to gain access to this exploding revenue stream.

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

Number of Entries : 2537

©2024 NACVA and the Consultants' Training Institute • Toll-Free (800) 677-2009 • 1218 East 7800 South, Suite 301, Sandy, UT 84094 USA

event themes - theme rewards

Scroll to top
G-MZGY5C5SX1
lw