
Matthew Hatcher/Reuters
Marijuana can be sold legally in 36 US states and the District of Columbia (DC) for medical use and in 15 of them and in DC for recreational purposes. But it is still illegal on a federal level, meaning most banks refuse to service the industry in case they fall afoul of money laundering laws…
With the COVID-19 pandemic and increasing legalisation driving a surge in cannabis use, the sector’s producers, manufacturers and retailers are awash in cash, adding risk and costs to the most basic business transactions from paying employees and filing taxes to finding somewhere to store their income…
Legal US cannabis sales grew 30 percent to $22bn last year, more than the $17.5bn Americans spent on wine, according to data from Euromonitor. Sales are expected to jump more than 20 percent this year…
The House of Representatives passed a bill in April that would allow cannabis firms to have bank accounts, get loans and accept credit card payments but it may not make it to the Senate because Senate Majority Leader Chuck Schumer wants to work instead towards lifting the federal ban on cannabis.
A full federal green light is the industry’s ultimate goal but it is not counting on Schumer’s pledge to make it happen by next year.
Ah, yes. Several solutions are at hand. All that is needed is decision, a vote, and implementation by Congress. And our politicians are so good at getting that part done, eh?