Marijuana is slowly, but surely becoming a legally accepted commodity in the United States. Although, state dispensaries are able to sell; it doesn’t necessarily mean that banks are backing them. Dispensaries are finding out that banks are not willing to give them checking accounts or credit card machines due to the medical marijuana business being a federally banned industry.
States like Arizona and Colorado are two states that faced such issues. Lawmakers were concerned that since marijuana is illegal under federal law, other states should not help dispensaries and growers store and accept loans.
Like most businesses the big concern for dispensaries that carry cash only are the security risks of transporting funds. The same risks apply to patients and customers as well as they are too required to only have cash in hand for transactions.
If banks were to support and allow medical marijuana dispensaries checking accounts and credit card machines their business and the American market in general would have more to gain than to lose. Another industry that can stimulate the economy and create more jobs in turn will ultimately have more customers for banks.