Data show banking changes for cannabis industry


ASSOCIATED PRESS: Banks and credit unions willing to handle cannabis-industry money went up to 301 institutions in March this year from 51 in March 2014, according to federal data.

Share this article!

More than three years into Washington’s legal pot experiment, a large majority of businesses are paying taxes electronically, a sign of better access to bank accounts. The state is even poised to require electronic payments unless the shops can show a good reason to pay in cash.

“People don’t call me anymore and say, ‘I’m opening a new business and I can’t find a bank account,'” said Robert McVay, a Seattle marijuana business attorney.

Read the full story here.