American Banker suggests banking bill for cannabis outlets might be on its way
American Banker writes that Congress seems pretty close to making at least one aspect of the cannabis industry easier: Banking. Right now, even though cannabis is legal in many states, banks are leery of dealing with cannabis dispensaries and producers — because their assets could be frozen or even seized by federal authorities at any moment, banks are reticent to deal with the cannabis industry.
This is a problem both for banks who do want to invest in cannabis, and for the cannabis industry, because it means that instead of secure financial options, dispensaries often work in cash, leaving them open to robbery or sometimes leaving too much room to make financial mistakes. If banks got the all-clear to work with the cannabis industry (and American Banker suggests that such a bill has about a 75% chance of being passed soon), then the industry could be safer and more secure, setting everyone up for success.
Unfortunately, half measures aren’t always best — it would probably be easier on everyone if the federal government finally removed restrictions on cannabis use and sales once and for all. One of American Banker’s sources suggest that could keep any bill from being passed, but of course it shouldn’t — the majority of American people strongly support legalization across the country. Hopefully we’ll get a fix soon — either banks will get the all clear they need, or we’ll finally settle this issue of legalization once and for all.