Operating in the legal cannabis space is no mean feat. Due to the plant’s federal status as a controlled substance, marijuana businesses have to deal with a lot of issues that players in other industries don’t even have to think of. For starters, most banks refuse to work with marijuana businesses in fear of federal reprisals, forcing the businesses to operate on a largely cash-only basis. This makes accounting and filing taxes extremely cumbersome and makes the business prime targets for criminals.
For quite a while, industry stakeholders have argued for some kind of policy or regulation that would allow these companies access banking services. The only lawmaker who heeded the call was Rep. Ed Perlmutter, who…
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