Banking and lines of credit for the cannabis industry has been, and continues to be a huge problem. Generally, federally regulated banks are not willing to give bank accounts to cannabis companies due to cannabis being federally illegal. There is a high risk of these institutions getting targeted for money laundering and other drug related laws if they do allow cannabis companies to have bank accounts. It is hard to fault the banks, because the fault really lies with the fede
The legalization of cannabis, both medical and recreational, in individual states has caused an explosion of cannabis related businesses, leaving entrepreneurs looking for competent and available legal and accounting help. Unfortunately, many accountants are wary of servicing the cannabis industry, because their cannabis clientele would be engaged in a federally illegal activity. They fear that they will be dragged into legal issues, or worse lose their license all together.