Pot Shops Hamstrung by Federal Banking Laws Prohibiting Deposits
Federal laws prohibit bank accounts and deposits from illicit activity and pot remains a federal crime
While driving through Detroit it’s likely that you’ve passed buildings with a big green medical cross outside. It’s part of a boom in the growth of medical marijuana shops. It’s estimated that over 200 shops have opened in the city over the last couple of years. But there is a huge problem for this burgeoning industry. They can’t deposit money in most banks. That’s because federally insured banks are not allowed to accept money from industries that are in violation of federal laws and pot is still illegal on a federal level. Tom Howard is an attorney with Howard and Howard. He tells WDET’s Amy Miller that although the marijuana industry generates over 3 Billion dollars per year less than one percent have been allowed to open bank or credit union accounts.
Click on the audio link above to hear this interview
