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Shunned by banks, legitimate pot shops must deal in risky cash

The suppliers arrive at one of the nation’s largest marijuana dispensaries carrying hundreds of pounds of cannabis in duffel bags, knapsacks and baby diaper totes. They leave with those same carriers stuffed with wads of cash.

Harborside Health collects the money from thousands of customers, spending $40 to $60 a pop for one-eighth of an ounce of pot. No credit cards or checks are accepted.

That’s not by choice. Though Harborside’s business is legal in California and a growing number of other states, most banks still won’t touch the marijuana industry, fearing the federal prohibition that remains in place.

That’s a huge security problem for Harborside and hundreds of other dispensaries forced to deal in cash by the truckload.  [Read More]

Rob Meagher

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]

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