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No Visa Or MasterCard? Um... Do You Take Discover?
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You've decided to take advantage of the legalization of pot in your state to start a marijuana business? Great, but you should be aware: You probably won't be able to open a bank account for your business. Technically, federal law makes it illegal for banks to work with even legal pot businesses. What do pot dispensaries do for banking, then? Some carry a lot -- a LOT -- of cash around. And there are a very small handful of credit unions who'll work with pot sellers, although if you have a past criminal record, even those won't likely let you open an account. This is another case in which something that's been made legal is coming up against other laws that haven't yet changed to acknowledge the new situation. (New York Times)
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