Congress votes to give cannabis businesses access to the banking industry
businesses with full access to banks and other financial services, as well as allow consumers to use credit- and debit cards when buying legal weed.
The lack of routine banking services has forced many marijuana firms to operate only in cash, making them a target for robberies, while also creating a slippery slope to tax evasion. This has created an untenable situation Sen. Ron Wyden, a Democrat from pot-legal Oregon toldthis summer. “I can’t for the life of me figure out why people would want to have folks walk around practically with wheelbarrows full of cash,” he said, “not letting them use the banking system.
Although most pot bills have a liberal bent, this legislation is backed by many conservatives, including the free-market R-Street Institute. The size of the state-legal cannabis market — projected to grow to $30 billion by 2025 — is getting too big to for banks to avoid risk under current law, argues senior fellow R.J. Lehmann: “It’s so large that even banks that have eschewed the business can’t help but be enmeshed in it,” he.
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