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One of the nation’s largest banks has told Alaska’s Alcohol & Marijuana Control Office it can no longer accept credit card payments for marijuana licenses, a move that will no doubt crimp cannabis entrepreneurs trying to reduce their reliance on cash.
U.S. Bank didn’t go into details about the reasoning behind its decision, the Alaska Journal of Commerce reported, noting only that marijuana is illegal in the eyes of the federal government.
“Although legalized in many states, marijuana remains illegal under federal law,” the bank said in a statement, according to the Alaska Journal of Commerce.