Around the country, people are gearing up to celebrate all things cannabis on 4/20, but banks and other financial institutions are unlikely to have the occasion marked on their calendars. Despite states continuing to legalize cannabis, federal law has remained unchanged, and that means federally regulated financial institutions must keep their distance.
To be clear, financial institutions are legally allowed to do business with the cannabis industry. The catch, however, is that they must deal with a dizzying array of regulatory requirements that often deter them from working with cannabis businesses.
