The large cash deposits smell like marijuana, so some of the businesses are spraying the cash with room freshener or perfume to hide the marijuana smell. ... The banks are even more suspicious when they have a person trying to deposit a large cash deposit that smells like perfume.
That's Colorado State Senator David Balmer, describing how the state was ill-prepared for a booming recreational marijuana industry. For all the talk about a tax windfall from legalized and regulated pot sales, one not-so-minor detail had been left out: How will marijuana businesses bank their money?
As one of the first states to legalize recreational marijuana sales, Colorado is a valuable test case for pot banking -- both in terms of early missteps and possible ways forward for a burgeoning but legally tenuous economy.