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Many cannabis companies are having a tough time opening a bank account and it is putting innocent people at risk. A bank account serves as the lifeline of any business and it is tough to operate (successfully) without one. The high cash nature of a cannabis business requires access to a bank account and the federal government is putting these businesses in harm’s way.
Yesterday, a Senate Appropriations Committee passed a bill that establishes regulated marijuana stores and let banks provide financial services to state-legalized marijuana dispensaries. The committee also approved an amendment submitted by Democratic Senators Jeff Merkley and Patty Murray that lets banks to provide services to marijuana stores in states where marijuana is legal.
Five reasons why marijuana will be legal sooner than later
- Currently, 40 states have passed laws that allow for the use of some form of medical marijuana.
- Since 1968, the National Institute of Drug Abuse (NIDA) has been the only organization that grows marijuana for researchers. At a hearing last month, the head of NIDA, Nora Volkow, said she supports allowing other research centers grow marijuana.
- Last month the Office of National Drug Control Policy (ONDCP) announced they had lifted the Public Health Service (PHS) review on marijuana research projects.
- In May, the United States Senate Committee on Appropriations voted to end the gag order that prevented Veterans Administration (V.A.) doctors from recommending or even discussing medical marijuana in states where medical marijuana programs exist.
- Federal agencies such as NIDA and the FDA have changed their attitude on medical marijuana
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