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Marijuana Dispensaries Reportedly Moving Funds From Banks to Brokerage Firms
By Colby Adams
printA number of marijuana dispensaries are attempting to convert their profits into securities and other investments to hedge against the threat of having their bank accounts frozen and subjected to federal asset forfeiture proceedings, say sources. Led by Colorado, California and Washington, at least 21 states have eased restrictions on the medical use and, in some states, recreational use of marijuana, though the product remains classified as an illegal narcotic under the 1970 Controlled Substances Act. But under continued scrutiny from federal prosecutors, some of the businesses have turned to online securities firms who have, in turn, begun to screen...
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