If you want to open a pot dealership in the state of Washington, where it's now perfectly legal, you might run up against a financial hurdle. No bank will lend you the money to get off the ground.
Banks are often federally licensed, meaning they have to follow federal law, including the federal prohibition against making profiting from marijuana.
Not even local credit unions are willing to led to prospective pot dealers, according to NPR. Which means that anyone wanting to sell marijuana will have to run a cash-only business.
John Davis, a medical marijuana seller from Seattle, told NPR about the day-to-day hassles a cash-only enterprise can bring: how do you order supplies online with no credit card? And how do you pay your taxes - since you can't pay the IRS in cash?
Davis's workaround was to get a bank account by simply not telling the bank his true business. But this doesn't sound like a scalable solution. Banks are likely to be anxious about following federal law, and may well check up on customers to make sure they're not on lists of state-licensed marijuana sellers, Reuters reports.
Via NPR and Reuters.