Image of cash & marijuana, related to cannabis business banking
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The Denver Post reports that MBank, which is based outside of Portland, Oregon, is the only bank to publicly announce it's doing business with marijuana businesses in Colorado. The pot industry in Colorado has had problems with the banking world because marijuana remains illegal under federal law.
 
MBank told the newspaper it's signed up five marijuana businesses in Colorado and has applications pending from another 30.
MBank doesn't have any locations in Colorado. Instead, armored cars will deliver cash deposits from the pot businesses to a Federal Reserve System bank. The money would then be credited to MBank's account.
 
Denver Business Journal ~ January 21, 2015
 
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