Banking troubles for Uruguay’s recreational cannabis businesses

It didn’t take long for recreational marijuana businesses in Uruguay to encounter a key challenge that hinders U.S. cannabis companies – banking.

Uruguayan pharmacies began selling adult-use cannabis July 19, but the South American nation’s banks are refusing to do business with companies with ties to marijuana.

A government official – speaking on the condition of anonymity – said Uruguayan banks that deal with companies that sell rec marijuana risk running afoul of international finance laws. U.S. financial institutions, meanwhile, are hesitant to bank marijuana businesses because cannabis remains illegal at the federal level.

Uruguay’s largest

…

Banking troubles for Uruguay’s recreational cannabis businesses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs