Cannabis firms are cut off from the US financial system, but relief is in sight; US Senate is eyeing a bill that would allow banks to do business with cannabis companies – now, if only they would vote on it

by 3kOlen

15 comments

  1. then why did the ones that harassed me take cards? Or was that why they were so rude… they knew I had a family member who was former it’s so they trolled me like ppl used to during prohibition instead of help with the anxiety I was treating? (I’d ask Mike Folmer but he’s no longer in office)

  2. What is the rush? There won’t be a vote on it in the House until they have a Speaker.

  3. The current effective tax rate for canna businesses is around 60% for those wondering

  4. This is long overdue. I work in credit policy for a major bank, and this would open the door for a lot of new business – small business accounts, small business lending, dispensary owners being able to qualify on residential or personal loans where qualifying income is from marijuana activities (currently not allowed)

  6. This bill has been stuck for years. It even has bipartisan support. I don’t get the hold up.

  7. They’ve been taking a look at/getting ready to vote on/getting ready to propose for many years now.

  8. I mean they should just legalize it at the federal level and eliminate all the hurdles

  9. They’ve been eyeing it since it was introduced to congress in May of 2017 by Jeff Merkley and Ed Perlmutter, they need to get off their damn asses and advance something already

  10. It’s stupid right now. I know of some dispensaries in Colorado who actually do have banks that’ll work with them but the credit union I was in wouldn’t accept those checks because marijuana. Then being able to use a bank actually made it harder for the employees to do their standard business as they would generally have to hit a check cashing place and pay a fee before they could deposit their check. We lost about 15 customers because of that uncertainty.

    edit: 15 ain’t much but those people had a few months of hell until they found an institution willing to work with them when they’d been with us for years or decades and consumed our loan products. That’s a decent chunk of money lost for the capitalism minded

  11. I work in cannabis and have for the last 7 years and every few months they dangle the safe banking act and then do nothing about it.

  12. I’m ok with this in a way. At least smaller independent and local banks get a boost from this, instead of feeding more money into the banking juggernauts.

  13. Happy to launder for cartels but won’t touch dispensaries or OnlyFans.

  14. So wait is it actually illegal or are banks just scared? Seems like the perfect opportunity for one of the big banks to swoop in and take everyone in the industry.

  15. As a Canadian working in the industry it’s easy to take for granted federal wide legality and the convenience that comes with it. Hoping this finally goes through for our American neighbours to improve the QOL and most importantly safety of everyone involved! 🤙🏻

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