The U.S. government should keep banks from cutting off the accounts of vendors who work with state-sanctioned marijuana businesses, 10 U.S. senators said in a letter to the Treasury on Wednesday.
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In Anchorage, Alaska, the Alaska Department of Revenue’s Tax Division has started to receive its first batch of cash tax payments on legal cannabis sales and transfers.
With the advent of a legal medical marijuana business in the state of New York, the pressure is on to pass federal reform. Legalization of the medical market here has forced the banking issue into the spotlight of legalization like no other.
Supervisors of state chartered credit unions have written to Congress in support of legislation that would clarify the legality of providing financial services to legal marijuana businesses.
Banking services for legal marijuana is all the talk right now, but what happens when banks decide that the cannabis industry is too risky to partner with?