While the cannabis industry is thriving and producing profits the inability of cannabis businesses to utilize federal banks remains. This has created several problems, none more serious than the issue of how to handle, transport and store cash. Having large amounts stored on site is a security nightmare, increasing the threat of theft and jeopardizing employee, vendor and client safety.
According to a press release CCIA Executive Director Lindsay Robinson will testify that banking for cannabis is a must “The ability to use U.S. financial institutions for banking is essential to ensure the safety of the cannabis industry and cannabis consumers. Without access to banking, companies are forced to maintain large amounts of cash on hand, pay employees and vendors in cash, and use cash to pay taxes. All of this creates an untenable situation where the safety of consumers, employees, and companies is at risk.”
Robinson is taking her stance to the federal government to provide support for the Secure and Fair Enforcement Banking Act.
What are your thoughts on the current banking situation in the cannabis industry? Do you think federal support for cannabis banking is in the foreseeable future?