Banking MRBs–Cash Is Still King….Mostly

Earlier this month a major US bank told the Alaska Alcohol & Marijuana Control Office that it can no longer accept credit card payments for licensing fees.  This followed on the heels of the closing of several business accounts of marijuana related businesses (MRBs) by Alaska banks and the closing of personal accounts maintained by people with ties to marijuana start up businesses.  No explanations for the closures were given either to the State of Alaska or to the account holders.  According to Marijuana Business Daily, the bank noted that “marijuana remains illegal under federal law.”  True, although marijuana was also illegal under federal law when the bank first allowed the Alaska Alcohol & Marijuana Control Office to accept credit card payments.

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