After the Department of Treasury’s Financial Crimes Enforcement Network opened their doors to the banking field for marijuana, it seems that Marijuana industry has become a bigger cash cow than it ever could be predicted.
As it was explained last summer, “Financial Crimes Enforcement Director Jennifer Shasky Calvery told the 2014 Mid-Atlantic Anti-Money Laundering Conference in Washington, D.C. last week that 105 financial institutions have filed at least 1,000 reports with the Treasury Department regarding marijuana-business transactions.”
Earlier this month, the Dynamic Securities Analytics gave their latest figures — “3,157 marijuana-related SARs … filed by 374 individual financial institutions in at least 42 states and the District of Columbia,” according to DSA.
Banks are pretty much being straight-up, telling the feds that that they’re going to work with cannabis companies, and there is just nothing you can do about it.
DSA says:
One thing is clear, a wide swath of financial institutions in both Legal and Illegal states are having to deal with the reality of the fast growing legal marijuana industry. While we do not yet have a complete picture, the available data suggests a slight opening of financial services to MRBs [marijuana-related businesses].
