On our show yesterday, we talked with John Davis, who runs a legal medical marijuana business in Washington state. He described one of the big hurdles of starting a legal marijuana business: It's really hard to get a bank account.
His story reveals not only the gray area the marijuana business still inhabits (it's still illegal under federal law), but also just how hard it is to run a small business without a bank.
In Colorado and Washington, voters recently approved measures to legalize the recreational use of marijuana. Supporters say legalization will generate tax revenue, move the trade into the open, and free up law enforcement resources.