The Challenges Of Running A Cash-Only Cannabis Business
On just the first day of sales on January 1, legal marijuana in Illinois brought in nearly $3.2 million dollars, with a total of almost $11 million dollars in sales by the end of that week, according to the state.
But while recreational weed is now legal in Illinois, it’s still considered a schedule 1 drug at the federal level. That makes banking a challenge for weed businesses.
State Treasurer Mike Frerichs joined us to talk about the how the state is dealing with the inconsistencies between federal and state law. And to help us get the cannabis industry perspective on all this, we also spoke with Pamela Althoff, former state senator from the 32nd district in Illinois and now the Executive Director of the Cannabis Business Association of Illinois, which represents cannabis cultivation centers and dispensaries across the state.