Singlepoint, Inc. (SING) Singles Out Three More Reasons for Marijuana Mills to have Bank Accounts
Although eight states and the District of Columbia will now allow adult recreational use of marijuana and another 20 states will permit marijuana to be used for medical purposes, the industry is still being stymied in its efforts to access banking services. Since cannabis remains a Schedule I substance under the Controlled Substances Act of 1970, a classification that also applies to heroin, LSD and ecstasy, financial institutions fear that dealing with marijuana establishments will expose them to highly punitive measures. Facilitating monetary transactions in marijuana, if determined to be money laundering, could be fined at twice the amount laundered…
