IRS Commissioner Charles Rettig said he’d “prefer” if marijuana businesses were able to pay their taxes in direct deposits instead of having to use cash because they can’t get bank accounts.

Banking cannabis is permitted under the FinCEN guidelines, which followed the same priorities of the now rescinded Cole Memo. Most states have at least one or two credit unions that have created cannabis programs, but the compliance requirements are so onerous, they often cannot keep up with the number of cannabis companies in their respective state. As an example, one credit union my firm set up for cannabis can open 2 cannabis bank accounts per month – at full speed.

Source: Am a cannabis attorney with a cannabis banking department.

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