One of the longest on-going battles in the cannabis industry is currently between the banks and dispensaries. The banking systems do not want to risk jeopardizing their FDIC insurance by allowing dispensaries to store money in accounts associated with marijuana pointing blame at the current federal law that classifies pot as an illegal substance.
It's like Christmas for criminals.
The problem is compounded when marijuana business owners have guns on site to protect their assets and cash. Marijuana, guns and cash all in one location is considered "gang activity" by the DEA, and gives law enforcement the green light to raid.
Neighbors are starting to get the idea areas and homes around marijuana dispensaries are now a regular target for crime. The dispensaries, however believe if they had a safer more secure location for their cash, the crime wouldn't be an issue.
The cannabis industry is booming right now and criminals are quick to target these operations because of the legal grey area in which they still sit. In some states few dispensaries have had success finding banks that will work with them, however some believe those are the banks you should really keep an eye on.
Banks that have accepted the dispensaries with open arms say its because the operations are ran legally under state laws. Some of the nations largest banks including Wells Fargo and J.P. Morgan have pre-existing policies disallowing any sort of banking services to marijuana operations.
Wells Fargo is reviewing their guidelines while J.P. Morgan opted to not comment. Until there's a change in federal banking law, or nationwide legalization, marijuana businesses face a reality that resembles Grand Theft Auto more than