Marijuana Money: Can We Take It to the Bank? The Future Is Hazy
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Strong state legalization trends continue for marijuana, for both medical and recreational use. The market is massive – and growing – as marijuana-related businesses (MRBs) generate ever-increasing revenues. Nationwide, the market was $10 billion in 2018 and is poised to reach over $23 billion by 2022.
But where does the money go? Although federal enforcement has decreased for sale and use, federal laws prevent MRBs from using the same banking channels that are routine for other industries. And the government still enforces anti-money laundering, securities, and tax laws.
Savvy MRBs – and organizations that work with or advise them – will keep their fingers on the pulse of developing solutions. Understanding current regulations, alternative payment options, and where banking is going are critical first steps in evaluating whether investing/selling into the marijuana space makes good business sense for your organization.
Our assessment provides insight into the considerations that organizations should be aware of early in the decision process to offer products or services that support marijuana production, distribution, or sales. The key is educating leadership on the state of the banking industry and nuances to be aware of to successfully navigate the challenges.