Congress Must Ease Banking Regulations on Marijuana Businesses
Just four years after Washington and Colorado led in legalizing recreational uses of marijuana, the pot train has left the station.
Twenty-five states and the District of Columbia allow legal marijuana access in some form, with legislatures in Ohio and Pennsylvania approving medical marijuana in 2016. Full legalization measures are polling well in California and Nevada. Nationwide, a majority of Americans now support tossing out the drug-war ban on cannabis.
But Congress hasn’t gotten on board. Despite small tweaks in the law and promising cracks in the prohibition regime, leadership in the Republican-controlled U.S. House have again blocked meaningful changes needed to facilitate the state-level experiment on marijuana.
This time, it’s the issue of cash. Federal banking laws equate licensed, regulated marijuana businesses with cocaine kingpins. The Obama administration somewhat blunted the sharp teeth of law enforcement, however, with “guidance” memos — not a change in the law.
That allowed a...
This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
Follow us on Instagram
Connect with us on Linkedin