Synopsis: Congress Schedules Hearing to Solve Legal Weed’s Banking Problems
This week’s Hot Article: Congress Schedules Hearing to Solve Legal Weed’s Banking Problems, written by Zach Harris and published by Merry Jane Media, gives light to the banking problem facing today’s cannabis industry.
“Bringing the cannabis industry out of the cash age is already on the 2019 agenda for the Democrat-controlled House of Representatives.” Zach Harris
It has been over 20 years since California legalized the use of medical marijuana. Since then, over 33 states have legalized its use medically or recreationally and yet banking still remains one of the biggest thorns within the industry’s side.
Federal regulations still view marijuana as illegal, therefore financial institutions blanket their fear surrounding the controversial industry within these regulations to deny banking privileges to Cannabis business owners and their employees, even if the business is only remotely tied to the industry.
As it stands in most instances, Cannabis is a cash-only business. Cash only not only makes it tough on business owners to keep books and pay employees but also arises an ever-growing concern surrounding public safety.
There is light at the end of the tunnel.
2019 brings hope. With the democrats ruling the majority of the house, there’s anticipation that the industry will become more fluid, and that the battle between the parties will simmer down. During the last 2 years, Republicans have birthed many roadblocks for the democratic party and their desire to bring forth new initiatives concerning cannabis. On February 13, 2019, a hearing titled “Challenges and Solutions Access to Banking Services for Cannabis-Related Businesses will take place. The hearing is being driven by a special subcommittee, led by Chairwoman Rep. Maxine Waters. In addition, rumor has it a full-fledged cannabis banking bill will be presented to the house floor in the near future.
Can you imagine a world where the cannabis industry has access to full banking? Although banking isn’t readily available, Zefyr offers tools to make running your business easier. Click here to find out how.