CannaGrowth.com | State of Illinois Struggling to Find a Bank to Handle Marijuana Cash
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State of Illinois Struggling to Find a Bank to Handle Marijuana Cash

22 Jun State of Illinois Struggling to Find a Bank to Handle Marijuana Cash

CHICAGO — The state of Illinois is having trouble finding a bank or financial services company to process the large amounts of cash it anticipates receiving for taxes and fees from the new medical marijuana industry.

The state treasurer’s office received no response to an official solicitation published last fall, so Illinois State Treasurer Michael Frerichs has started a formal process to find out why.

“It may not be a good investment,” Mayes said.Potential bidders may not have known about the opportunity or may be concerned about legal questions, industry experts said. Such caution may stem from uncertainties specific to Illinois — including the marijuana pilot program’s 2017 expiration date and so-far low patient numbers, said Michael Mayes, CEO of Quantum 9, a Chicago-based marijuana industry consultant.

“It may not be a good investment,” Mayes said. [Read more from the Associated Press at the Chicago Sun-Times]

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