Marijuana business owners have no dock to bank cash

December 30, 2014
robomayor
Banking, Finance & Real Estate
0 Comments

The year began with one of the nation’s biggest ATM sponsors refusing to allow its machines to be in businesses with ties to the marijuana trade, and it ends with the first credit union of its kind at the precipice of opening its doors.

For the recreational marijuana trade, the roads into and out of 2014 are a study in contrasts, where the initial lockdown against access to banking services appears to be cracking, even as the drug remains illegal under federal law.

The industry’s biggest hinderance to calling the first year of legal sales in Colorado a huge financial success — more than $300 million in sales in recreational sales alone — has been the absence of a place to put all that cash. [Read More]

Rob Meagher

Rob Meagher, CBE’s Founder, President and Editor-in-Chief is a 30 year veteran of the media world. His career has spanned from stints representing the Washington Post, USA Weekend, Reader’s Digest, Financial World & Corporate Finance to the technology world where he worked at International Data Group and Ziff Davis where he was part of the launch team for The Web Magazine, Yahoo Internet Life, Smart Business and Expedia Travels before starting his own marketing and Publisher’s Representative Firm. He also ran all print and online media sales and marketing for the Society for Human Resource Management before partnering with Forbes and then Fortune to create Special Sections covering a variety of topics. Rob, who started CBE Press in 2014, can be contacted at [email protected].

This Post Has 0 Comments