Medical marijuana is already legal in 20 states plus the District of Columbia. It is also completely legal for recreational use in two states; Colorado and Washington State. Nevertheless, big daddy government still thinks it knows best and continues to classify the substance as a schedule one drug under federal law.
As such, the banking system, (including state banks) is simply to afraid to get involved. Legal marijuana merchants business is conducted almost entirely in cash because it is exceedingly difficult for them to open and maintain bank accounts, and thus accept credit cards. “Banking is the most urgent issue facing the legal cannabis industry today,” said Aaron Smith, executive director of the National Cannabis Industry Association in Washington, D.C. Enter Bitcoin – At least one marijuana dispensary in Colorado has reportedly begun accepting bitcoin.