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Banking Failures Are Hitting Weed Companies, Too

  • Industry is uncertain whether its deposits are FDIC-insured
  • Risks seen for pot accounts and banking legislative prospects
Bloomberg business news
Banking Breakdown: Credit SuisseSource: Bloomberg

Crypto isn’t the only edgy new industry being roiled by the collapse of several banks. 

US companies that deal directly with cannabis, a federally illegal substance, are already shut out of large banks. So these companies have increasingly found support in an estimated 200 to 700 smaller financial firms that serve them, including state-chartered banks.