Banking Update

HMJ has been following cannabis’ banking problem for a long time.  Here’s an update:


. . . few banks have opened their doors, prompting some 100 business people from the cannabis industry to descend on Washington last month to lobby Congress for greater access to banking.

The pressure couldn’t come soon enough. With billions in cash from lawful sales of weed and marijuana cookies and sweets stranded outside the banking system, cash can’t be monitored by banks for possible illegal activity. Local officials in communities where marijuana is legal are also concerned that large stashes of cash in warehouses, businesses and homes could create public safety issues, possibly leading to violent robberies or worse.

To minimize those risks, FinCEN officials, in meetings with bank executives to discuss a broad array of business activity outside the banking industry, are reminding them about the marijuana directive, according to a person familiar with the matter.

Banking may be the lynchpin issue in the re-legalization of the cannabis plant. To read this entire original article GO HERE.

[image: Google images “business”]

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Author: DavidB

a heathen, but hopefully not an unenlightened one

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