Congress can resolve the cannabis banking conundrum now

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With the quantity of states legalizing cannabis continuing to develop, it is understandable that Americans with differing views would want to debate regardless of whether it is time to reform the nation’s marijuana laws. As representatives of the credit union and banking industries, we are not focused on the legalization debate. As an alternative, we are attempting to resolve a pressing sensible issues brought on by the ongoing conflict involving state and federal cannabis laws—what to do with the dollars.

Ideal now, in the 33 states, territories and the District of Columbia exactly where cannabis has been legalized, credit unions and banks are prevented from delivering economic solutions to cannabis-associated companies for the reason that cannabis is illegal beneath federal law and, as a outcome, handling proceeds from a transaction involving it is regarded dollars laundering. Not only does this leave cannabis companies operating practically totally in money, but it has the added impact of criminalizing the vendors, suppliers and utility organizations that serve these companies.

For the cannabis company owner, this outcomes in a lot of money getting stored in backroom safes, transported in backpacks and made use of for payroll every single Friday. The presence of so a great deal money paints a big target on their storefronts and staff for would-be thieves. In fact, a 2015 study performed by Wharton found one in every single two cannabis dispensaries have been robbed or burglarized—-with the typical thief walking away with anyplace from $20,000 to $50,000. [Read More @ Fox News]

 

 

 



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