Although cannabis is legal in many states, it is still classified as a Schedule I substance by the federal government. This classification, along with questions regarding the future and viability of the market, has made banking, as well as payment processing, extremely difficult for cannabis related businesses, including those providing ancillary services to the industry. Cannabis is essentially an un-bankable billion-dollar industry. International banks, including financial institutions in Uruguay, where cannabis is 100% legal, refuse to service cannabis related business under the threat of United States based banks severing ties with them.
Banks in Uruguay Refuse to Service Cannabis Industry