Awash in Money, Colorado’s Weed Industry Becomes a Headache for Banks

By Colby Adams and Brian Orsak

Colorado's booming cannabis sector may be a boon for the state's coffers but it is proving to be a headache for banks, even when they don't maintain accounts for dispensaries. Since legalizing the sale of marijuana for recreational purposes in January, the state has collected more than $37 million in related taxes and licensing fees, according to the Colorado Department of Revenue Services. That total complements the roughly $13 million in revenue the state has garnered this year from businesses that sell medical marijuana, first legalized in 2010. "It's kind of the Wild West," said Jeffrey Asher, senior vice president...