Cannabis business entrepreneurs could possibly have the opportunity to do business with federal financial institutions.
A team of bipartisan senators headed by Rand Paul a Republican presidential candidate who introduced a bill this past Thursday that would not allow financial institutions conducting business from being brought up for a criminal offense, liability as well as asset forfeiture.
Though cannabis is legal for medicinal and recreational purposes in more than 50 percent of the united states, banks are hesitant to work with potential clients who work in the legal marijuana industry for the fact that marijuana is still against the law federally.
This has put cannabis in the position to run a cash-only business with many risk such including robbery and potential federal issue.
“Whether you are for or against legalization, you have to recognize that having marijuana businesses handling huge amounts of cash with nowhere to deposit the money is a public safety concern that Congress has to tackle,” stated Michael Collins, a policy manager at Drug Policy Alliance.
This bill would as well prevent regulators from getting into deep water legally or steer financial institutions from offering services to conduct business with people who work in the legal marijuana industry within the united states
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