Cannabis dispensaries throughout the country came one step closer to using banks the way many other businesses can when the U.S. House on Friday cleared a bill with sweeping changes to banking regulations. Colorado Democrat Ed Perlmutter and Ohio Republican Dave Joyce, co-sponsors of the legislation, said Friday their proposal would allow medical and recreational marijuana businesses in states that have legalized use to move away from the cash-only business model they’ve been forced to use by U.S. banking laws. “We need to bring some sense to what is really dangerous right now in this space that so many states allow for dispensaries, for grow operations,” Perlmutter said. “There’s just a lot of cash and that cash can really pose problems.” While the federal government has mostly left marijuana business regulation and oversight to the states that have legalized it, the nation’s banking system is controlled at the federal level. The federal government’s classification of marijuana as a Schedule I illegal substance, by definition something with no medical use and a high potential for abuse, means that it’s difficult for cannabis businesses to use banks.

Mmp News Author, Medical Marijuana Program Connection, 02/06/2022 20:21:00

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