As per the quarterly data provided by the US Treasury Department, the number of financial institutions willing to maintain a working relationship with the State-licensed cannabis business is on the rise.
The quarterly data suggests that since the close of the last year, there is an increase of almost 10% in the number of banks (financial institutions) actively servicing cannabis business. Similarly, there is an increase of almost 20% in the number of credit unions servicing the industry.
Since the plant still falls under the classification of a Schedule I Controlled substance under the Federal laws, maintaining a relationship with cannabis business by any bank or other financial institution is discouraged under the Federal law. There is a need to bring some legislation in support of the making amendments in the current federal law in such a way that allows banks or other financial institutions to have some working relationship with cannabis industry - this important testimony was submitted to Congress by a leading national criminal and public policy reform group.