Banking still a hurdle for marijuana entrepreneurs

10/15/17–Despite medical legalization in multiple states, the federal government still classifies marijuana as a Schedule I drug. Since most financial institutions are federally insured and operate under federal regulations, marijuana industry professionals say managers want nothing to do with a federally illegal drug, no matter what local authorities have ruled. And, even with an account, many banks won’t give loans or lines of credit to marijuana businesses. With established businesses, that can affect expansion. Read