Data show banking changes for cannabis industry


ASSOCIATED PRESS: Banks and credit unions willing to handle cannabis-industry money went up to 301 institutions in March this year from 51 in March 2014, according to federal data.

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More than three years into Washington’s legal pot experiment, a large majority of businesses are paying taxes electronically, a sign of better access to bank accounts. The state is even poised to require electronic payments unless the shops can show a good reason to pay in cash.

“People don’t call me anymore and say, ‘I’m opening a new business and I can’t find a bank account,'” said Robert McVay, a Seattle marijuana business attorney.

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