Public banks offer hope for marijuana businesses, but will they arrive in time?

420Patients.com is accepting qualified medical marijuana patients and caregivers to join our network. We value every registered member and we hope to serve you in Arizona. This article brought to you by 420 community friends mmjbusinessdaily.com

By Omar Sacirbey

With most private institutions and credit unions still avoiding the legal cannabis industry, many marijuana businesses remain without bank accounts.

But one idea is gaining acceptance among MJ entrepreneurs and a growing number of cities and states: the formation of public banks to serve the cannabis industry.

The problem? It’ll be a while before any open their doors.

Cities that are looking into creating such financial institutions include Los Angeles, Oakland and Santa Rosa in California; Philadelphia, and Santa Fe, New Mexico. The states of Arizona and Maryland are also entertaining the idea.

“It’s important for

Public banks offer hope for marijuana businesses, but will they arrive in time? is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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