THE BLOG

Bank of America Will Accept Washington State Marijuana Revenue

09/26/2013 09:21 am 09:21:38 | Updated Nov 26, 2013

One of the biggest hurdles that companies generating revenue in the marijuana industry have to face is finding a financial institution willing to accept them as customers. The Liquor Control Board in the state of Washington was in the same situation until the Bank of America agreed to permit them to deposit anticipated marijuana related profits in their vaults.

Most banks are leery of dealing with marijuana businesses simply for the fact that under federal policy, the government views money from marijuana transactions as money laundering.

Bank of America declares it is willing to accommodate new marijuana related businesses, according to Jim McIntire, Treasurer for the state of Washington. "I mean, in fact, we're already taking some tax revenues, I believe, for medical marijuana. So it's not a real issue in terms of their perception."

The Liquor Control Board will begin taking in revenue this fall via applications for different types of marijuana licenses and will need a place to deposit those funds. McIntire pronounced that his office has conducted numerous discussions with Bank of America and that "Bank of America is fine with that," and he goes on to say that "they assure us that's not a problem for them."