The State of Cannabanking

There’s a lot of money to be made in cannabis these days. Annual sales of the Ohio Medical Marijuana Control Program are forecasted at $225 million in 2021. By then, total economic output from the legal cannabis U.S. market will have risen to $40 billion and sport 414,000 jobs, encompassing not only growing, harvesting, processing and testing, but also ancillary services like packaging, accounting, security, HVAC and lawn mowing. One would think that financial institutions would salivate over such numbers. More customers, more transactions, more fees! One would be wrong. Almost daily, the news covers yet another bank slamming its monetary door on cannapeople and cannabusinesses. Wells Fargo

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