Bank Nixes Marijuana Firm’s Crowdfunding Hopes

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Crowdfunding may not be the simple solution that cash-starved marijuana start-ups can turn to for funding.

In May, the Securities and Exchange Commission implemented new rules permitting small businesses to raise up to $1 million annually through crowdfunding.

The move was hailed in the cannabis sector as a major breakthrough that would help entrepreneurs raise capital from individuals at a time when many banks are leery of conducting business with marijuana companies.

But it may not be that easy. Just ask NextRX, a cannabis-related software firm that launched a fundraising campaign on May 16 through StartEngine Crowdfunding in

Bank Nixes Marijuana Firm’s Crowdfunding Hopes is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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