One of the biggest problems facing legalized marijuana in
Washington continues to be banks—or rather, the lack thereof. Even though
Washington and Colorado have legalized marijuana for recreational use, it still
remains against federal law. As such, banks and credit unions are afraid to
provide traditional banking services to marijuana businesses. They fear large
fines, criminal prosecution, and other federal violations.
This has created businesses that are entirely cash-based and
ripe for criminal activity. As a result, businesses have begun installing panic
buttons for robberies and security cameras to help protect their businesses and
employees. Some have even tried to use personal bank accounts to help direct
the flow of their cash.
But financial institutions aren't playing. They have shut
down many of these accounts after managers decided that these individuals posed
too much of a risk. BECU is the largest credit union in the State of Washington
and it has shut down over 20 accounts associated with the legal marijuana
trade.
This has made doing business awkward—and dangerous. For
example, Kunkel, an owner of 5 marijuana dispensaries in Washington had to hand
deliver a bag of cash worth over $51,000 to the Washington State Department of
Revenue in Seattle.
Richard Riese, a senior vice president for regulatory compliance at the American Bankers Association wants clear guidelines established for banks. He wants banks and credit agencies to be assured that they would not be aiding and abetting criminal activity by providing financial services to legal marijuana businesses. Until such guidelines and assurances are provided, banks are turning a cold shoulder to Washington's pot industry.
