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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House Republican leader opposes House impeachment inquiryU.S. House Republican leader Kevin McCarthy said on Tuesday he did not back the ...
Read more »
The White House Just Emailed House Democrats Their Talking Points, Then Tried to Recall ThemThe White House just sent their talking points on Ukraine to House Democrats, and then immediately tried to recall them
Read more »
Nintendo's Mario takes driving seat in race for mobile hitNintendo's Mario takes driving seat in race for mobile hit by SamNusseyRTRS MarioKartTour
Read more »
EXCLUSIVE: Kylie Jenner Takes on Paris Fashion Week With Balmain Makeup Collaboration“We really wanted to launch this collection in a big way,” Kylie Jenner said in an exclusive interview.
Read more »
El Camino Takes Breaking Bad To The Next Level In Gritty New TrailerTheories about Netflix's movie spin-off of the TV show are already flying.
Read more »
Anna Camp Takes Us on Trip Down TV Memory LaneFrom The Office to True Blood, How Anna Camp's TV Past Prepared Her for Perfect Harmony
Read more »