Companies in the cannabis industry struggle to get banking services because of the federal prohibition, even in legal states. The latest chart in Marijuana Business Daily is a "first of its kind" look at the number of companies facing this problem. Seventy percent of "plant-touching" businesses can't get basic banking services. And many businesses that do land accounts ultimately lose them and need to go searching for another one.
Tim Cullen, CEO of Colorado Harvest Company, told Marijuana Business Daily that he had 14 different accounts in six years. "Just this past month a bank….closed my personal accounts after a 10-year banking relationship," Cullen said. "They even closed my three-year-old son's college savings account."