Banking Marijuana – New Bill to Allow Banks to Serve Marijuana Business
Banking Marijuana: What to do with all this cash is a daily blight for medical marijuana business owners. Though medical marijuana businesses were legalized in California, they are illegal at the federal level. Most banks operate at the federal level, so they steer clear from marijuana businesses.
Marijuana business owners have to keep cash for all their business dealings, which means they have transport and protect between ten to hundred thousand dollars in cash everyday. This poses serious threats to the safety of marijuana businesses and their employees.
Congressman Ed Perlmutter of Colorado is out to change this. His team introduced the Safe and Fair Enforcement Banking Act (SAFE Act) that would allow banks to serve marijuana businesses.
If passed, this bill will be a game changers for many marijuana businesses and entrepreneurs seeking to enter the cannabis industry. They will enjoy more security and ease in conducting businesses.
