Unable to accept credit cards, debit cards or checks, legal medical marijuana businesses in the US are almost always forced to run all cash businesses. Several banks have made public statements about fixing this problem, but the cost of compliance has made almost all of them make embarrassing u-turns.
Hageseth pays more than $12,000 a month to a security company that picks up the money and takes it to a secure location in an armored truck. He was robbed five times before hiring MPS Security. "It really is time for the federal legislators to deal with this issue," Hageseth said. And Treasury and the Department of Justice have both issued guidance for banks with customers in the marijuana industry. It says that banks won't be targeted by law enforcement if they take certain precautions. Last year, about 185 banks and credit unions notified the Treasury that they're working with marijuana-related businesses. But since pot is still illegal, the names of those banks are kept confidential.