SPRINGFIELD – Even after the state implements rules for the sale of medical marijuana, federal banking regulations could make Illinois’ budding cannabis industry a cash-only operation.
While Illinois already has moved to legalize the use of marijuana for certain medical conditions, federal regulations prevent marijuana dispensaries and related businesses from using federally insured banks.
“What it means for a lot of businesses is that they’re forced to operate entirely in cash,” said Taylor West, deputy director of the National Cannabis Industry Association in Washington, D.C. “That’s not just the sales side. It also affects the business side.”
Read more: Illinois pot stores may just accept cash | Herald & Review (IL)
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