The new weed industry in Colorado is booming, thanks to a sudden increase in tourism and creative business ventures. The state is on its way to experiencing a massive $1 billion industry built on and around marijuana. From specialty restaurants and lounges, new businesses are popping up all over the state. With all the cash being generated by these businesses, the only problem that exists, is where to put the money, because banks are afraid to touch it even though its all perfectly legal.
This means cash is the only option to pay for employees' wages, new stock, investment and any associated costs with running a business, reports BBC Business. The reason the banks won't touch the cash generated by firms selling legalized marijuana is because banking institutions in America are still regulated by federal law, making it a criminal act for a financial service provider to accept marijuana money.
source›› dj
