The California cannabis industry recently scored a huge victory—the feds dropped a four year legal assault on one of the most respected medical marijuana facilities in the state, Harborside Health Center. But this is just one battle won in a much larger war. Business Insider covered this latest development in the struggle, and quoted Poseidon in the article.
The crux of the issue, with regards to the financial industry, stems from the fact that the states are creating regulations around a product which is still federally illegal. This shifts many operators out of institutions and forces them to operate on a cash-only basis—which creates a host of problems regarding tracking, taxes, and compliance. Quoting Business Insider.
There’s a lot of money waiting on the sidelines to jump into the industry - that we know. But as long as the federal government stands in the way, only the individuals brave enough to invest personally are enjoying the upside of what is a rapidly expanding industry.