Does Anybody Want $3 Billion in Cash From Pot Sales? Big Banks Say No, Thanks
Banks Forced to ‘Just Say No’ to Marijuana Cash
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The U.S. government has opened a new line of business for America’s biggest banks, and for once they don’t want it. Little wonder: it’s cash from legalized marijuana.
The financial-crimes arm of the Treasury Department is making it easier to deposit the fledgling industry’s growing revenue, at last count nearly $3 billion annually and almost all in cash. The government wants to tax the revenue and keep it away from organized crime. And it figures banks with strong compliance departments can best help it track the money.