Despite the ongoing turbulence in Washington D.C., Congress has taken initial steps to normalize the cannabis industry by introducing the SAFER Banking Act in a Senate Committee.
The journey to normalize the cannabis industry has been a long one. While the first medical marijuana became available roughly 30 years ago, cannabis companies in the 2020s still face challenges in finding banking solutions for their earnings in a rapidly growing and increasingly legal industry.
Lawmakers have previously encouraged financial institutions to partner with cannabis companies, but many banks remain reluctant due to marijuana’s federal illegality. The hope is that if cannabis is eventually rescheduled as a less serious drug, banking challenges might ease. In the meantime, the cannabis industry largely operates on a cash basis, necessitating substantial investments in security infrastructure such as vaults, security personnel, and transportation services. This reliance on cash can also inconvenience consumers who often need to withdraw cash from ATMs before visiting dispensaries.
By FCCT Editorial Team
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