Cannabis law having is subject to “second thoughts” in the Senate despite having great favor from the Congress. The congress is on a flurry in reforming the pot law and on easing the cannabis banking restriction despite growing bipartisan support among the lawmakers.
A hearing titled “Challenges for Cannabis and Banking: Outside Perspective,” hosted by the Senate Committee on Banking, Housing, and Urban Affairs that talks about the challenges that cannabis companies are experiencing when gaining support with basic banking services for states where medical or recreational marijuana is legal. They push lawmakers also to give budding industries get a chance to develop themselves financially with the support of banking institutions, and not allow big cannabis organizations monopolize the market.
This may be hard because it is a significant risk for the security of financial institutions, but the Secure and Fair Enforcement (SAFE) Act allows banks, credit unions, and other financial institutions to work with the cannabis industry with comfort and security. As what Senator Sherrod Brown (D-OH) said in his opening remarks at the hearing, “ the legal cannabis industry is one of the fastest-growing in the United States and employs hundreds of od thousands of people.”
Cannabis and Banking will go hand in hand in aiming for what is good and what is right in the business and health sectors. Both parties will benefit from it. Since banking will be a two-way process, neither parties will be at a loss and taking into consideration that the law is being already amended when talking about legalizing of cannabis for medical use. With this taking effect in the near future, this will secure the bond of both parties, and together, they will flourish hand in hand in business, legislators believed.
The new legislation is set to be voted on soon and industry players are all ears for what will happen.