Skip to navigationSkip to content
Reuters/Lucy Nicholson
Cash preferred.
HASH FOR CASH

Paper money keeps the legal marijuana industry green

John Detrixhe
Member exclusive by John Detrixhe for The Future of Cash

Good luck paying for pot by tapping your Fitbit. To the dismay of some in the industry, marijuana is a business that runs almost entirely on cash.

Following the November midterm elections, 10 states in the US have broadly legalized marijuana, and it’s legal for medicinal use in more than a dozen others. But it’s still a “Schedule 1” controlled substance—the same classification as heroin—at the federal level. Banks are reluctant to work with marijuana businesses even in states that have legalized it because they could be charged with money laundering.

You are reading a Quartz member exclusive.

Become a member to keep reading this story and the rest of our expert analyses on the changing global economy.

Why we think you’ll like it:

The rest of our guide to The Future of Cash

News of the moment that’s contextualized, digestible, and always global in perspective

Exclusive, deeply researched guides on what the economy’s next normal will look like

Master this transition in your work and personal life through direct access to our journalists and the rest of our community

こちらは英語版への登録ページです。
Quartz Japanへの登録をご希望の方はこちらから。