Despite its legality across a large swath of states and the District of Columbia, the sale of marijuana remains prohibited by Federal Law. This means that while pot shops can legally do business in jurisdictions where marijuana-related legislation has passed, they can’t store any capital in bank accounts, and all taxes must be paid in cash.
This poses a major problem for businesses in the industry. How can you handle daily transactions like paying employees, managing inventory orders, and paying taxes without the use of a bank account?
Fortunately, Cann-i is here to help. We can facilitate a partnership between your cannabis business and reputable, reliable banking services designed for the marijuana industry! From credit card processing to ACH processing to check services and more, no banking services are out of reach.
Get in touch with us today to see how we can help outfit your business with the latest cutting-edge, compliant, sustainable banking services.
As of 2019, 11 states and Washington D.C. have legalized recreational marijuana for people over 21.
To date, 32 states, Washington D.C., and the District of Columbia have legalized medical marijuana.
Marijuana has been fully or partially decriminalized in 25 states and the District of Columbia to varying degrees.
Yes, you Cann
Currently in the United States, 11 states and the District of Columbia have passed legislation fully legalizing the sale and consumption of recreational cannabis while 11 states have proposed legislation or votes regarding legalization tentatively slated for 2020. While the rest of the United States continues to prohibit the sale and use of cannabis, attitudes are shifting, and industry analysts expect the worldwide legal marijuana market to be worth as much as $57 billion by 2027. Put simply, the legal cannabis business is the fastest-growing industry in the United States today.
