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For whatever it's worth, the problem with the cannabis industry is that they are still committing federal crimes, there is a legitimate reason for banks to shy

For whatever it's worth, the problem with the cannabis industry is that they are still committing federal crimes, there is a legitimate reason for banks to shy away from cannabis manufacturers, processors, and retailers even if they would have an ordinary risk profile under other circumstances. The federal government does not enforce the law sufficiently to motivate its repeal, so we are stuck in limbo, where the mass of individuals are complacent, and they externalize the costs on the suppliers and retailers.

Melting_Harps 6y ago
> For whatever it's worth, the problem with the cannabis industry is that they are still committing federal crimes, I'm well aware of what that entails in a legal sense, I worked in the Industry as both a former Farmer as well as a Fintech Founder; the thing is, Cannabis is a term that encompasses Industrial Hemp as well as MJ and the former is actually 50 State legal as of 2018 with the Farm Bill in the US. And still many Banks refuse to deal with Hemp farmers or producers of its value added products (CBD/CBG/CBN etc...) and still treat it as if its MJ for reasons only known to them as many large retailers like 24 Hour fitness, Sprouts, and even some Safeways and many Gas stations have CBD products on hand. It could be a scale thing, where losing that large of a customer with immense volume is worth it, whereas a small retailer is not and carries too much risk. Also, consider that the legal status still doesn't mean the banking Industry will accept them with open arms, Canada still has the same issues they always had when it came to financial services and banking where MJ has been legalized Nationwide.