Banks want more freedom for marijuana-based businesses
A bunch of lawmakers are looking forward to make it much easier for banks to officially approve the surging business for legalized weed.
On Thursday, four Democratic American senators from several states, including Colorado, Oregon and Washington requested a group of regulators to make it clear how banks could finance the marijuana industry, while still comply with the US law, so that those American companies, which permit pot sales don’t need to run their business only on cash.
A great number of businesses dealing with weed, are currently facing difficulties when it comes to accessing financial services. They are also require operating all-cash transactions. Obviously, without clear guidance from the federal regulators to provide certainty as for the regulatory environment, many banks as well as credit unions still don’t have an opportunity to serve marijuana-related customers.
The US government has already informed it intends to encourage banks to borrow money to weed-related companies and hold their profits as deposits. This should keep revenues from the fledging industry away, while sales will be taxed.