Pittsburgh Business Attorneys

Commentary

Bauerle's Bank Notes

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Banking on pot in Pennsylvania

By James F. Bauerle

August 15, 2017

Sales of $150 million are expected next year in Pennsylvania when legalized medical marijuana comes to market. Colorado, Washington and California each report annual sales exceeding $1 billion. Yet growers, processors and dispensaries in all states must do business in cash because marijuana remains an illegal substance under federal law.

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Banking on Marijuana: not yet

By James F. Bauerle

September 30, 2016

Pennsylvania's nascent medical marijuana trade has would-be entrepreneurs cuing up to cash in. What few of them know is they won't have anywhere safe to put the cash. Banks cannot take it in as deposits because of a conflict between state and federal law.

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