VIDEO: Why Marijuana Businesses Can’t Use Banks

Growing and selling marijuana are, like using it, legal under Colorado law. But banks tend to take their cues from the federal government. Not only does selling marijuana violate federal law; handling the proceeds of any marijuana transaction is considered to be money laundering. Very few banks are willing to bear that risk. By the time Behzadzadeh took his Mexican beach vacation, he had already opened checking accounts for his businesses at Wells Fargo and Chase — and then saw them closed when the banks discovered what they were for


Author: Pesach

In perhaps the fastest growing industry ever, one person has made a name for himself as a leader and innovator. Anne Holland, the Founder of Marijuana Business Daily, once called his publication, ADBUMB "her favorite."

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