Cannabis businesses struggle to obtain and maintain banking while facing the dangers of having major cash on hand.
Due to cannabis’ status as an illicit substance in the United States, many banks don’t want to run the risk of accepting weed dollars and facing extreme penalties or even closure.
And while some companies eventually find banking, many cannabis business owners are left to deal with massive sums of cold, hard cash every day. It’s not only highly inconvenient for anyone trying to maintain a legitimate business, but it also places the lives of cannabis business owners in extreme danger highlighting one of many huge problems with the federal prohibition of cannabis.
Congress introduced the SAFE Banking Act of 2021 to create safe access…
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