The effort to legalize marijuana for medicinal or recreational usage has been long, but it is finally bearing fruit. Marijuana is legal for recreational use in Oregon, Washington, Alaska, Colorado and the District of Columbia.
However, banks refuse to deal with the marijuana industry because cannabis remains on the federal list of banned substances, and acquiring and processing payments for it could put a bank at risk for AML/KYC prosecution. As a result, legal marijuana businesses cannot accept debit or credit cards.
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