The Perilous Practice of Banking on Pot
Cannabis in America is still federally illegal, even in states with legal medical marijuana programs. Therefore, state-legal medical marijuana transactions are mostly conducted with cash. This cash is not allowed to be deposited in a bank, because The Federal Reserve regulates state-chartered member banks. Being unable to bank puts business owners in the cannabis space in a quandary on how to conduct business like other merchants.
Read more here: https://www.forbes.com/sites/sarabrittanysomerset/2018/09/02/the-perilous-practice-of-pot-banking/#2206874c4e2c