You're watching...
FBN's Adam Shapiro in Boulder, Colo., where medical marijuana dispensaries are being denied loans by banks.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Medical marijuana and may be legal in Colorado but the industry's coming off its highs as bank refused.
Banks out there refusing to open accounts for a dispensaries.
As a result some of the then.
Are moving to an all cash business are shutting their doors down completely Adam Shapiro is blazing a trail for us in Boulder, Colorado with more on this story -- and all jokes aside we also know this is a serious business issue that is not just bad for the industry if you will but also bad news for the state -- That's correct the state collected over seven million dollars last year in licensing fees on top of that another two plus million.
In sales tax there are 3000 people employed by the medical marijuana industry.
125000.
People who receive licenses to purchase medical marijuana products and take a look at some of the stuff they can buy it.
-- it's over here you've got medical marijuana drinks you've got different kinds chocolates and candies.
Over here you would see that more traditional stuff that people prefer to smoke.
But even here in the case you have different kinds of oils and flavorings here's some of those hashish Kennedy does something about.
In some of the goodies as far as brownies and things like that which people.
Who need this as medicine can purchase the problem rose Shibani when the federal government issued a memo in June which said in this is a quote from that memo.
That essentially the sale and distribution of marijuana continues to be excuse me.
That the activities those who knowingly facilitate such activities are in violation of the controlled substance act regardless of state law.
Regardless of state law then they went on to tell us the Department of Justice that the sale and distribution of marijuana continues to be a federal offense.
So we called -- in the saint Pierre He is the head of a lobbying organization in Washington for the reform of marijuana laws nationwide and here's what He told us.
Since the memo from the Justice Department was sent -- couple of weeks ago.
That has definitely -- banks from wanting to do business with these dispensaries.
For all good and obvious reasons the federal government is telling -- that if you're engaged in taking this money -- you're engaged in.
A federal crime.
That's a body you have a situation where it's legal in the states do this but the federal government saying it is illegal.
-- to you.
All right thanks Adam -- -- I think he's in a mile high city appropriately names today.
Indeed.
