cannabis banking

Political support for legal cannabis is mounting, but some experts argue that the measures being proposed won’t be enough to address one of the industry’s biggest challenges: banking.

In recent weeks, top U.S. lawmakers and political influencers have offered a host of calls-to-action for federal and state reforms, sending strong signals that the legal risks tied to legal cannabis are lifting.

Removing cannabis from the list of scheduled substances could lift some requirements placed on banks to file “Suspicious activity reports” and follow time-intensive, costly guidelines when accepting money tied to legal marijuana.

Klein argues that a “complex web” of federal rules could still deter banks from doing business with cannabis companies, depending on the specific policies lawmakers choose to press forward with.

Even if the drug is descheduled, most experts expect cannabis companies will still face pricier banking fees and stricter reporting guidelines.

“It’s very clear that cannabis is never going to be sold like Pop-Tarts in a grocery store,” said Kenneth Berke, co-founder of California-based PayQwick, which specializes in payment and banking solutions for cannabis companies.

Read the original article at Marijuana Business Daily