The private cultivation and sale of marijuana has become legal under state and local law in Washington and Oregon but remains illegal under federal law. Most conventional banks and financial institutions are consequently unwilling to offer their services to businesses engaged in the cultivation, distribution and retail sale of marijuana and related products in Washington and Oregon.
We often get calls asking where marijuana related businesses can establish financial accounts and obtain traditional bank services for their businesses. There are financial institutions that will work with such businesses. The Salem Statesman Journal summarized the problem and identified a few such financial institutions with links to their web pages. Another source of financial help can be found here.
We’ve had no experience with any of these financial institutions and so we can’t vouch for the quality or breadth of their services. Nonetheless, there are financial institutions who will work with businesses engaged in the marijuana industry. They just aren’t as large or visible as the traditional large banks, which in itself may be a good thing for all concerned.
© 5/24/2016 Lawrence B. Hunt of Hunt & Associates, P.C. All rights reserved.
(No Ratings Yet)
Loading...
503.226.1162