CHICAGO (AP) – The state of Illinois is having trouble finding a bank or financial company to process the large amounts of cash it anticipates receiving for taxes and fees from its new medical marijuana industry.
The state received no response to a solicitation published last fall. Illinois State Treasurer Michael Frerichs has started a formal process to find out why.
The legal marijuana industry tends to operate with cash only. Experts say banks and credit card companies are wary because the federal government considers marijuana an illegal drug.
The Illinois treasurer is asking the financial industry for input by June 29. An armored car services requirement has been deleted from the new draft because it was “believed to be a deterrent to proposals.”