In this June 27, 2017, photo, Jerred Kiloh, owner of the Higher Path medical marijuana dispensary, prepares his monthly tax payment, $40,131.88 in cash in Los Angeles. For Kiloh, the cash is a daily hassle. It needs to be counted repeatedly to safeguard against loss. State and local taxes must be set aside and stored, sometimes for a month or more. When vendors show up, they get paid in cash, too. (AP Photo/Jae C. Hong)

AP PHOTOS: For marijuana store owner, worry comes with job

August 03, 2017 - 6:57 pm

LOS ANGELES (AP) — In California and other states where marijuana is legal for medical or recreational use, pot store owners often find themselves nervously carrying around large amounts of cash.

That's because most banks want nothing to do with money linked to a plant that remains illegal under federal law. They're afraid they could be prosecuted.

With all that cash, people in the marijuana business worry constantly about getting robbed.

In Los Angeles, dispensary owner Jerred Kiloh makes a tension-filled drive downtown once a month to pay his city taxes, with tens of thousands of dollars in his car. He is constantly checking his rearview mirror, looking for thieves.

Now, Los Angeles might create a municipal bank that would serve cannabis companies.


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