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The Challenges Of Marijuana Banking Just Got Bigger

By Elizabeth Khalil ( January 22, 2018, 4:14 PM EST) -- The state-legal marijuana sector operates in a largely cash-based economy — only about 400 banks and credit unions in the U. S. actively provide financial services to this sector — because marijuana remains illegal under federal law, despite the increasing number of states acting to legalize medical and/or recreational use. There is no carveout for state-legal activity and no safe harbor for financial institutions to serve customers engaged in such activity. . . .

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