Marijuana and banks have not been able to work together since the beginning of this legalization process that has taken over the US. In fact banking for marijuana shops or dispensaries is a huge issues. Well Colorado may be in luck a bank in Oregon called MBank has opened their banking services to marijuana companies. This will help a lot of shops get up in running and be an example for all banks that will eventually allows services for cannabis companies.
Denver Business Journal repots:
MBank has begun offering banking services to marijuana businesses in Colorado.
The Denver Post reports the bank, which is based outside of Portland, Oregon, is the only bank to publicly announce it’s doing business with marijuana businesses in Colorado. The pot industry in Colorado has had problems with the banking world because marijuana remains illegal under federal law.
MBank told the newspaper it’s signed up five marijuana businesses in Colorado and has applications pending from another 30.
MBank doesn’t have any locations in Colorado. Instead, armored cars will deliver cash deposits from the pot businesses to a Federal Reserve System bank. The money would then be credited to MBank’s account.