- Legal marijuana sales projected to exceed $20 billion within four years
- Federal banking restrictions make cannabis a cash business
- SING developing bitcoin-based payment solutions
Growing as much as 30 percent annually, legal marijuana sales in North America topped $6.7 billion last year and are projected to exceed $20.2 billion within four years (http://nnw.fm/I7R3k). That’s eye-popping growth by almost any measure. However, this new found avalanche of revenues is shunned by banks.
Most banks won’t touch cannabis cash, because marijuana is illegal under U.S. federal law and banks must comply with federal regulations to maintain good standing. Banks just don’t want to be in the middle of a federal government versus state’s rights issue and risk losing their charter to operate. Effectively, this makes legal cannabis…
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