Last week, a group of banking associations from all 50 United States wrote a letter to the U.S. Senate urging the legislative body to include cannabis banking language in the final text of a manufacturing bill for which a bicameral conference is being organized. The American Bankers Association (ABA) as well as associations from every state in the United States says that the SAFE Banking Act is needed urgently and has wide support from both sides of the legislative aisle. The group added that this law is needed to handle the financial transactions that so many entities, such as real estate companies, law firms, members of the skilled trades and so many others rely on in their day-to-day transactions with marijuana companies. The groups representing banks said that cannabis firms are forced to operate mostly on a cash basis and this was creating concerns about public safety as well as making the work of regulators, tax collection agencies, and security agencies harder due to the lack of a verifiable trail of the finances flowing through the marijuana industry.
CannabisNewsWire, 05/04/2022 16:20:00