Ever so quietly, businesses in the cannabis game have been accepted by banks and credit unions, so can now use those accounts to pay their Washington state taxes. The state is rapidly closing in on $1 million per day in tax revenues, and they were getting tired of dealing with nearly $30 million a month in 5s, 10s, and 20s. Since the banks are now helping, the state announced they will no longer take cash for tax payments.
No doubt it’s the smaller community banks and credit unions that have taken on this project, as they are in the position to see that cannabis businesses are doing a lot of positive things in their communities. Put in high-school economics terms, the marijuana money now has velocity. It moves quickly to home loans and payrolls rather than sitting around in garbage bags.