Only 300 of the US 12.000 banks serve marijuana farmers
Legal marijuana farmers in the United States have it more complicated than expected to move their money easily. The business is buoyant and the profits huge but many growers are paid for their products in cash. Entering large amounts of money in cash, banks include them in the suspicious activities report. And when a few of these reports have been accumulated, the bank can close the account. This means that on many occasions, cannabis growers and entrepreneurs can’t do business in the same way as other productive sectors do.
In the United States, medical marijuana is legal in 29 states, while recreational marijuana is legal in eight state, plus Washington DC. Despite that, only 300 of the 12,000 banks in the country open accounts and offer services to marijuana farmers. This also forces many farmers to make all their transactions in cash, from paying bills to handling investments or debts.
And this leads to additional security problems when thieves know the problem of the cultivator and of the accumulation of cash. But many banks are not willing to change their policies until the US government does not legalize marijuana at a federal level.
This situation given, forums such as The ArcView Group exist precisely so that cannabis investors and entrepreneurs can get financing and do business without having to suffer from the problems still posed by the banking sector.