Missouri’s health department wants to ban medical cannabis businesses from paying taxes in cash, a move that industry advocates say could shut out small businesses from the field.
Missouri voters in 2018 made medical cannabis legal but sales are still prohibited under federal law.
Financial institutions, particularly national banks, shy away from working with the cannabis industry because of the federal ban, BeLeaf CEO Mitch Meyers said. That forces some cannabis businesses to pay bills and salaries in cash.
Meyers said Missouri’s proposed cash-only policy will also make it difficult or impossible for some businesses to pay state taxes.“I don’t know how you can tell people to abide by the law, but then say cash is no good,” Meyers said.
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