Oklahoma’s medical marijuana industry faces familiar buzzkill

June 12th, 2019 by admin Leave a reply »
medical marijuana
In Oklahoma and around the country, an enterprising cannabis entrepreneur could fill a bank deposit tube with marijuana, but he or she would struggle to find a bank willing to accept the cash from their business. (Ben White)

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It’s closing time at a medical marijuana dispensary in Oklahoma. In most cases, it’s like any other business. Inventory is secured. Doors are locked. The day’s receipts are tallied. But thanks to marijuana’s Schedule I status in the eyes of the federal government, that’s where the similarities end.

While most businesses take their day’s earnings to a bank, an owner of a dispensary or grow operation may struggle to do that directly because it’s illegal under federal law for any bank to take their business.

“The process of banking marijuana business in any form is illegal under federal law,” said Oklahoma Bankers Association president Roger Beverage. “As a result, most banks and most credit unions are shying away from the business, especially the direct business of growing and selling it.”

Obstacles a part of the industry

Oklahoma’s green rush solved problems for those who want to use medical marijuana to treat their ailments, but its success has created plenty of headaches for intrepid business owners looking to carve a niche in the industry.

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Article source: https://nondoc.com/2019/06/12/oklahomas-medical-marijuana-industry-faces-familiar-buzzkill/

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