Cannabis Firms Are Cut Off From The Us Financial System, But Relief Is In Sight

By Gene Marks, The Guardian on October 9, 2023

US Senate is eyeing a bill that would allow banks to do business with cannabis companies – now, if only they would vote on it.

Imagine that you run a perfectly legal business but are unable to open a simple checking account at a national bank. Believe it or not, that’s the case right now for anyone licensed to sell cannabis in the US. Given the size of the cannabis industry, it’s pretty shocking. But it may be about to change.

In the US, 38 states have legalized marijuana for medical use and 23 of them have legalized it for recreational purposes, including three territories and the District of Columbia. An additional eight states have decriminalized its use. Both red and blue states with legalized marijuana laws have collected $15bn in tax revenue between 2014 and 2022, with $3.77bn in tax revenue attributed to 2022 alone.

– Read the entire article at The Guardian.