Medical marijuana is legal in the state of Colorado. As a result, businesses have been created to grow, package and sell medicinal marijuana. This has created jobs, paid rent, and perhaps most important in 2012 America, they’ve paid millions in taxes.
But one thing most haven’t done and can’t do is use the bank.
“[Banks are] afraid of losing their FDIC protection,” said Kayvan Khalatbari, owner of Denver Relief, one of the oldest medical marijuana dispensaries in Denver. “Therefore, we can’t open a bank [account].”
The problem: even though medical marijuana is legal in Colorado, it’s illegal under federal law.
Read more: Selling Pot Legally? Good Luck Opening a Bank Account
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