Marijuana businesses may have trouble finding a bank

LAS VEGAS (KSNV & MyNews3) — It’s a budding business in Nevada that will bring in big time money. Even though medical marijuana is legal under Nevada law, most banks steer clear of these all-cash operations.

So where will their owners store their money, when they open shop in Clark County?

The same federal government that regulates banking transactions also says selling marijuana is a crime, so people who open medical marijuana businesses in Clark County, for the most part can’t get the banks to do any business with them.

It could be several tens of thousands, if not hundreds of thousands of dollars a month to operate a medical marijuana business.

Medical marijuana is a cash cow for several states but still a piece of the illegal drug trade in the eyes of the Unites States government.

The result is entrepreneurs who are hoping to cash in on Clark County’s cannabis industry know most banks won’t take their money.

Potential entrepreneurs are left to wonder where to put all that cash.

“It makes them prime targets for burglary, for theft, to be held up,” said attorney Alicia Ashcraft.

The Obama administration recently issued guidelines giving banks the green light to do business with marijuana dispensaries in states that have legalized the drug.

“For most banking institution and i think the American Banking Association came out and said, that’s just not enough for us to feel comfortable, to feel safe from prosecution,” Ashcraft said.

Attorney Bruce Gale says it’s difficult to find a local bank that will accept medical marijuana money.

“In Clark County, I’m still shopping for a friendly bank and or credit union. I’ve spoken with Wells Fargo, and they’ve said no,” said attorney Bruce Gale.

This is a predicament for any business, especially one dealing in cash.

“For now, initially i think most establishments are going to have large safes on property to keep that cash,” Ashcraft said.

Ashcraft believes that will continue as long as state and federal laws continue to clash.

“Hopefully the law is going to change,” Ashcraft said.

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Marijuana businesses may have trouble finding a bank