Marijuana & the Banking Industry in Colorado
Marijuana & Banking
An insight on the banking and legality issues facing this new industry
Jake Clawson
April 2014
Table of Contents
Introduction ..................................................................................... 2
Description of Current Situation ................................................... 2
Other Proposed Solutions............................................................... 3
Research Plan .................................................................................. 4
Discussions and Proposed Solution................................................ 5
Conclusion........................................................................................ 6
Works Cited ..................................................................................... 7
Abstract
Marijuana is becoming a booming industry in Colorado. Legislation passed last year has made the sale of recreational marijuana legal, and because of such has caused a massive influx of new retailers, wholesalers and consumers in Colorado with Washington close behind. However, while these new retailers are making millions they can't take any of their funds to the bank. The financial industry is refusing to work with any aspects of marijuana business. It's one of the biggest problems facing the new industry, and it may take an act of congress to fix.
1
Introduction
With the recent legalization of marijuana in Washington and Colorado, a brand new industry is being born. That’s the industry of recreational marijuana, which has only recently began being sold in Colorado. This is a multi-million dollar business, with over $5 million in sales in the first week alone, and a projection of $600 million in 2014. This can provide countless new jobs as well as jumpstart the economy, not to mention all the tax dollars the government will receive. However since the drug is still classified as a schedule one narcotic federally, many
An insight on the banking and legality issues facing this new industry
Jake Clawson
April 2014
Table of Contents
Introduction ..................................................................................... 2
Description of Current Situation ................................................... 2
Other Proposed Solutions............................................................... 3
Research Plan .................................................................................. 4
Discussions and Proposed Solution................................................ 5
Conclusion........................................................................................ 6
Works Cited ..................................................................................... 7
Abstract
Marijuana is becoming a booming industry in Colorado. Legislation passed last year has made the sale of recreational marijuana legal, and because of such has caused a massive influx of new retailers, wholesalers and consumers in Colorado with Washington close behind. However, while these new retailers are making millions they can't take any of their funds to the bank. The financial industry is refusing to work with any aspects of marijuana business. It's one of the biggest problems facing the new industry, and it may take an act of congress to fix.
1
Introduction
With the recent legalization of marijuana in Washington and Colorado, a brand new industry is being born. That’s the industry of recreational marijuana, which has only recently began being sold in Colorado. This is a multi-million dollar business, with over $5 million in sales in the first week alone, and a projection of $600 million in 2014. This can provide countless new jobs as well as jumpstart the economy, not to mention all the tax dollars the government will receive. However since the drug is still classified as a schedule one narcotic federally, many