Alaska Attorney General Calls On Lawmakers To Revamp Federal Banking Rules Surrounding Cannabis Activity
The Attorney General from Alaska, Jahna Lindemuth, has gotten together with a bipartisan group that consists of 18 attorneys general from states that have legalized cannabis, to call for a change to federal rules surrounding banking activity for cannabis exchanges in the market.
Together, the group sent a letter to congressional leaders and they are asking for a safe harbor to be established so that banks can help cannabis businesses to take care of the billions of dollars in revenue that they are generating.
They want banks to be able to do business with the companies who are licensed pot retailers.
This means that customers often can't use debit or credit cards when making purchases with these cannabis companies. And because of this, many are left operating solely with cash.
Cannabis might have been legalized in many states already, but it still remains prohibited federally and this is why there is the difficulty for them of obtaining financing through traditional banking methods.
Though it might be difficult to try and find a bank that will work with a cannabis company, it's estimated that there are at least a few out there currently who are willing to work with them.
More Control...
Those attorneys general who've gotten together to sign the letter, come from states like New York, California, and Iowa. And they don't want the banks to miss out on this business. It's estimated that for 2016, legal cannabis sales were around $6.7 billion and by 2021 it's expected that it could easily pass the $20 billion mark.
For lawmakers who've already demonstrated that they are rather incapable of balancing a budget or operating in such a fashion that doesn't fuel continual, crippling amounts of debt, no doubt getting hundreds of millions of dollars more in funding to play with sure looks appealing.
In their letter, they've asked Congress to fast-track the Secure and Fair Enforcement Banking Act that got introduced last year.
Right now, the proposal, which has been cosponsored by at least 12 senators, is in a Senate committee and there still hasn't been a hearing. Some of the senators that have supported the initiative include people like Bernie Sanders, Cory Gardner, Rand Paul, and others.
Pics:
Diana Quach via Vocativ
via vocativ.com/349890/marijuana-schedule/index.html
via cyberpot.com
Sources:
https://www.cnbc.com/2018/01/11/banking-restrictions-on-the-pot-industry-may-benefit-security-business.html
https://www.forbes.com/sites/debraborchardt/2017/01/03/marijuana-sales-totaled-6-7-billion-in-2016/#60f301f175e3
https://www.alaskapublic.org/2018/01/16/ak-attorney-general-asks-congress-to-open-banking-for-pot-businesses/
https://www.ktoo.org/2018/01/16/alaska-attorney-general-asks-congress-open-banking-pot-businesses/
https://www.courthousenews.com/states-ask-congress-to-open-banks-up-to-pot-industry/
http://www.vocativ.com/363932/cops-still-make-a-marijuana-arrest-every-49-seconds/index.html
https://www.cnbc.com/video/2017/12/15/bitcoin-offers-the-cannabis-industry-an-alternative-to-banks.html
https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1750
https://www.congress.gov/bill/115th-congress/senate-bill/1152
Related Posts:
Cannabis Banking: Blockchain To The Rescue!
https://steemit.com/bitcoin/@doitvoluntarily/cannabis-banking-blockchain-to-the-rescue
Bad timing! Unfortunately, with the likes of Jess Sessions in the DOJ, this letter will fall on deaf ears.
Trump can really repair the image of his crumbling presidency with a single executive order that decriminalizes cannabis at the federal level!! That single act would probably life his approval rating to an all-time high.
I still find it madness that something can be legal at state level yet illegal at federal level! Surely the law should clearly state who can legislate for all things.
Its about time ! especially now that its becoming more legalized in more places , this should have been done a long time ago ! Thanks for the awesome information as usual @doitvoluntarily ! Keep up the great work ! upped and resteemed !👍👍👍✌
Great news, hadn't heard it anywhere else. I can't figure out why this isn't a no brainer, unless big ag is stalling it, until it gets in. They do not give a hoot about anything or anybody but their own wallets. So what other reason can they have except to keep the private prison system full with non=violent criminals, while they confiscate their weed, to share with their buddies. Thanks very much for the update, buds crossed it pans out.
Let’s have crypto cannabis
Crypto currency will fill the gap and address the problems caused by unwillingness by banks to do business with cannabis business men. However, the lawmakers will always seek to create legislations aimed at exercising more control with more tax inflows in mind.
I live in a state where you can do your mmj, which i do for the wife legally by the state. I choose strains that she likes and what is good. But there is always that linger of the feds to come knocking, but then again she gets a plant every 6 months and i dont think they woukd worry about me, as long as i am not selling to Jimmy down the street. But 1 thing that blows my mind, is that there are farmers markets, but not cannabis markets....soon hopefully where you can share your work to those that need it.
Too bad the US gov't has all these bad laws and policies, especially around Cannabis. In Canada, banks are dealing with licensed producers and patients are paying by credit cards. In fact, the banks here are now starting to invest in the Cannabis sector... I posted about this 2 days at: https://steemit.com/cannabis/@vinmaru/cannabis-news-the-marijuana-justice-act-introduced-into-the-house-of-representatives
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fear politicians. awesome article
I hope it happens like they say and it goes through