After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state’s landscape was changed. Suddenly, dispensaries and grow houses were everywhere, and customers numbered in the tens, if not hundreds, of thousands.
But federal laws make it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions. It’s nearly impossible for these businesses to wire funds, access lines of credit, or maintain payroll accounts. The result is an industry that has been forced to pay its bills, employees, suppliers,.
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