Banking Must Be Made Available to Cannabis Businesses

Marijuana legalization is taking place across the United States of America on both a medicinal as well as a recreational level. There are 25 states with legal medical marijuana access and four states with legal retail or recreational marijuana access according to a recent article in the Seattle Times. Congress has a moral and legal obligation to the safety of the people to ease regulations on banking for marijuana businesses.

Banks are losing out on incredible amounts of money because of federal marijuana prohibition. While states choose to adopt medical marijuana and or retail marijuana laws this means that people are caught in the crosshairs. While the state tells you-you can pay taxes and successfully and legally run a marijuana business the federal government tells you any of the money that you made from that is not allowed to be put into a bank account.

This means that cannabis business owners end up having large amounts of cash either on them or stashed at various locations. This makes them a prime target for criminal gangs such as the police department or other hoodlums criminals. For this very reason, Congress must do something to ease Federal Banking regulations on the Cannabis industry for the safety of the people or they are not doing their job and must step down from office and be replaced by individuals who will follow the constitutional law in the United States of America.

In the past two weeks, we have seen two different events occur that most likely would have never happened if dispensaries didn’t have to hold large sums of cash on hand. One of these events in Aurora Colorado resulted in a veteran Marine, father of 3 and security guard being fatally shot. We must make changes so that these legal businesses can operate without this unnecessary security concern.

image credit: The New York Times

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