U.S. Banks Now Open For Marijuana Business
Monday, February 17, 2014
Legal marijuana sellers across the country now have an easier place to deposit those wads of cash.
The Obama administration has issued guidelines to banks on doing business with licensed marijuana operators, giving them the green light to finance and set up checking and savings accounts with marijuana businesses.
And there may be a lot of money to deposit. According to the National Cannabis Industry Association legal U.S. industry is expected to reach $2.57 billion dollars in sales this year.
Paula Dwyer, an editor at Bloomberg View, joins Here & Now’s Meghna Chakrabarti to discuss the new guidelines.
- Paula Dwyer, editor for Bloomberg View. She tweets @paulaEdwyer.