Medical Marijuana Exchange

Welcome!

Please verify your age to enter.

I am 21 or Older
I am Under 21

pequenos.pt

Baterias para Portáteis

More Financial Institutions Are Working With the Cannabis Industry

July 1, 2019

More Financial Institutions Are Working With the Cannabis Industry

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.

Twitter
Facebook comments