Many financial institutions are still hesitant to bank the legal cannabis industry due to fear of running afoul of federal money laundering laws. For years, many legal, compliant cannabis businesses have been forced to operate on an all-cash basis, causing a headache for regulators and a public safety risk for cannabis industry workers across the country.
Next week, the U.S. House Committee on Financial Services is expected to hold a hearing about a draft bill that provides safe banking services for legal cannabis businesses. This is the first Committee hearing on stand-alone legislation that is a priority for our industry.
Here’s how you can take action:
First, call your Congressional Representative and tell them that you support safe banking services for legal cannabis businesses.
Second, log on to social media to send a Tweet to your Congressional Representative, and use the hashtag #CannaBanking.
Next, connect with NCIA and your industry peers by registering for these upcoming Cannabis Caucus Events in March. Exclusively for NCIA Members and their guests, join us to learn about regional issues from influential guest speakers, and get the latest insider insights into NCIA’s federal policy work.
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers