The traditional banking industry has disassociated from the marijuana industry for a long time. All that is about to change in the state of Colorado with the Governor focusing on putting the marijuana industry banking a top priority for the growing sector in their state. The once unregulated and unstructured marijuana industry lead banks fearful of crackdowns by the federal government, but with new laws allowing the selling of medical marijuana according to state laws, Colorado has seen an explosion of revenue coming from the marijuana industry.
With the beneficial increase in state revenue from the marijuana industry taxes, Colorado Governor, John Hickenlooper, is aiming to make the marijuana industry free of corruption by focusing on banks to start working with the marijuana merchants. It’s clear that the marijuana industry is risky in business terms, but with legalization of medical marijuana in the state, the all-cash industry, can face many problems without a proper partnership with the banks.
Banking has been a major issue for the industry, but in Colorado, the marijuana industry is thriving and a well functioning banking partnership must be had to reduce crime and corruption. With the continuing battle with public health and public safety concerns, the marijuana industry has shown that the legalization laws are working. Taking into consideration from health officials, industry, law enforcement, and community members, the marijuana industry has surpassed all doubts and has shown beneficial economic growth for the state of Colorado.
No matter how banks see it, the marijuana industry has shown positive light to the right people. Marijuana merchants can know that they are safe as long as they abide by state laws. For marijuana merchants, it’s a good time to expand cash-only payments and allow processing credit and debit card purchases. Marijuana-merchant-account.com can help you set up a marijuana merchant processing account. They have industry knowledge and cater to all the necessary needs of the marijuana merchant.
The all-cash industry is restrictive and is slowing down the potential of larger sales. Accepting debit and credit cards will reduce robberies. As medical marijuana sales continue to show positive growth, a comprehensive banking reform should be made for the necessary marijuana industry.
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