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Wall Street Banks on Pot

Investors line up to chip in on the next Silicon Valley.

By J. Daniel Young | Updated on February 07, 2016

As financial institutions look to provide banking services to marijuana businesses, Wall Street investors are beginning to view the industry as the next Silicon Valley, despite enhanced compliance scrutiny from regulators.

“Banking is a real issue, so being a public company, we have to put standard operating procedures in place that make it auditable so that an auditor can stamp off on it,” Mike Nahass, director of operations for Terra Tech, a cannabis-focused agriculture company, told CU Times. “We have that challenge of checks and balances. The problem is the government is forcing people in this industry to stay in the black market. It doesn’t make sense.”

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