October 1, 2022

Rocky Daily News

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How Close Are We to Marijuana Business Banking?

1 min read

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Because of federal prohibition, cannabis businesses are banned from banking and financial services, putting institutions serving those businesses at risk for federal drug charges. Although smaller banks and credit unions take on that risk for high fees, the majority of legal marijuana transactions are still done in cash.

Although full-scale legalization hasn’t gained the approval of Congress as a whole, banking for businesses in states with legal pot is common ground upon which the majority of federal lawmakers agree, according to the US Cannabis Council. The federal cannabis lobbying organization has been in Washington, D.C., pushing for Colorado Representative Ed Perlmutter’s SAFE Banking Act, a bill that would open up banking, loans and other financial services to cannabis…

Thomas Mitchell

2022-08-19 05:56:00

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