Banking on Pot: Why This Bank Is the 1st in Florida to Accept Marijuana Money

There aren't any banks in the state currently serving medical marijuana dispensaries for fear of losing their FDIC licenses. 

Orlando-based First Green Bank is taking a major risk that no other bank is doing in the state — it’s accepting medical marijuana money.

Banks have been steering clear of the hassle and headache of being put under a microscope by the U.S. Department of Justice and Homeland Security, but First Green Bank is taking on the industry head on.

“As far as we know, we are the only one in the industry banking with marijuana dispensaries,” Ken LaRoefounder and chairman of First Green Bank, told Orlando Business Journal.

There currently aren’t any true guidelines for how a bank should go about doing business with marijuana dispensaries. “There is no rule or law because it’s federally illegal,” LaRoe said.

However, there are U.S. Department of Justice guidelines the bank follows. “We...

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