Marijuana

Ask a Stoner: Would Big Banks Accept Marijuana Businesses?

Ask a Stoner: Would Big Banks Accept Marijuana Businesses?
Westword
Dear Stoner: Even if marijuana banking were allowed by Congress, would the Wells Fargos of the world even touch it?
Miranda

Dear Miranda: Many of the actions that have caused America’s economic depressions and recessions are allowed by Congress, and that hasn’t stopped banks from betting on our futures before — or, in Wells Fargo’s case, using fraudulent accounts to inflate numbers. But you may be right.
“It’s an expensive process. Just because [Congress] created a path didn’t mean the banks were actually going to do it,” explained Troy Dayton, CEO of cannabis research firm Arcview, during a recent conversation with Senator Cory Gardner about cannabis banking and banks’ interest in pot. Gardner, who is pushing a bill that would protect banks serving cannabis businesses, agreed...to a point. “They will be left in the dust,” Gardner said of banks slow to accept the cannabis industry. But smaller banks and credit unions could benefit from that: “Maybe the big, big guys don’t get in. But just like the PPP program, the smaller guys will carry the load as well and get this done.”

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Herbert Fuego is the resident stoner at Westword, ready to answer all your marijuana questions.
Contact: Herbert Fuego