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Marijuana Firms Shut Out From Services

LAS VEGAS (KXNT) – It’s legal to “puff, puff, pass” in Nevada when it comes to smoking marijuana. Just don’t tell banks that.

Firms that deal in Nevada’s legal marijuana industry could find themselves shut out from banking services as federal law prevents banks and credit unions from setting up accounts for pot-based businesses.

That means customers can’t use credit or debit cards, and businesses have to pay license fees and taxes with cash. Some companies are confident the problems can be overcome.

Tim Conder, with a company called Blackbird, which provides medical marijuana delivery services, told the Las Vegas Review-Journal that he’s confident a new banking solution will come along.

Condor believes one could involve the use of digital currency. He also said he hopes marijuana-friendly credit card processors will move into the Silver State.

More from Fred Halstied
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