According to Arcview Market Research and its research partner BDS Analytics, over the next 10 years, the legal cannabis industry will see much progress around the globe. Spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market will cover 67% of the spending; medical marijuana will take up the remaining 33%.
Cash Businesses – Financial institutions are concerned with compliance and risk; therefore, they shy away from highly regulated industries such as cannabis. Many businesses disguise their identities by not disclosing the nature of their business to their financial institution and regularly have accounts closed without warning. This is a federal crime and could result in seizure of assets.
Compliance with regulations and verification of accounting requires a coordination of multiple operational systems to reduce risks.
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Industry Concerns
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