38 State Attorneys General Ask Congress To Bring Cannabis Money Into Banking System

in #cannabis5 years ago

At least 38 attorneys general have recently asked congress to make necessary changes to bring cannabis money into the regulated banking system.

They have written a letter, urging congressional leaders to adopt the SAFE Banking Act that will make way for these legislative amendments.

They want cannabis money in their banking system.

That's millions of dollars, and they argue that current restrictions are hurting public safety and the economy. After decades of telling the public that cannabis freedom would be a threat to their public safety, now it's if that cannabis money isn't adopted into the banking system, it'll threaten their well-being.

The group wants congress to adopt the SAFE Banking Act or similar changes that will allow cannabis businesses to come into the regulated banking sector.

The bill has over 100 co-sponsors already, support is coming from both parties on this one. They argue that it's going to help to make communities safer by allowing them to access the banking system, whereas presently they are left to deal mostly in cash, aside from those that have resorted to cryptocurrency solutions. This makes them susceptible to theft and for that reason, those behind the efforts to pass the SAFE Banking Act say that they want to make these changes.

The American Bankers Association has celebrated the effort to pass these changes, calling the measure a common sense change that will provide much needed clarity to those in both industries. According to the bankers association, their goal is to get cash off the streets because of how vulnerable it makes these businesses to theft.

The cannabis industry is one that's pulling in billions of dollars and it's obvious that there are certain financial motivations for bankers and lawmakers to adopt these changes; is it solely because of concern and empathy that bankers and lawmakers feel towards cannabis businesses and the well-being of the individuals involved in that industry?...

In the meantime though, operating in this legal grey area has provided a myriad of challenges to those who are trying to run a successful cannabis business. Making those changes to allow cannabis businesses to interact with the banking sector like everyone else then would help to make it easier for those who are trying to do business.

Pics:
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Yeah why isn't that money in the local economy?

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