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Pot dispensaries forced to work on cash basis

Pot dispensaries forced to work on cash basis

CREATED Dec. 16, 2012

Web Producer: Rikki Mitchell

PHOENIX (AP) - Arizona's emerging medical marijuana dispensary industry is being forced to operate on a cash-only basis because banks won't do business with them.
Checking accounts and credit-card machines for state-licensed dispensaries are nonexistent because federally insured banks and credit unions steer clear of them. That because pot remains illegal under federal law and they've been warned by federal regulators to stay away.
The Arizona Republic reports doing business only in cash is a nightmare for dispensaries. They have to set up safe houses and potentially use armored transport for the cash they collect. It also makes it hard to pay bills and taxes and meet payroll.