Legal marijuana sale faces challenges by banks in Uruguay

Running a business without being able to bank is tough in Uruguay
Associated Press (US)
Friday, August 18, 2017

The legal sale of marijuana in Uruguayan pharmacies is facing challenges as banks refuse to deal with companies linked to the drug in order to follow international financial laws. Uruguayan banks risk running afoul of laws that ban receiving money tied to the drug. In July, marijuana went up for sale at 16 pharmacies as part of a 2013 law that made Uruguay first to legalize a pot market covering the entire chain from plants to purchase. But one pharmacy in the capital, Montevideo, has decided not to sell it after a warning by a local branch of Spanish bank Santander. The bank said it has opted to remain out of this line of business.