The House Financial Services subcommittee on Consumer Protection and Financial Institutions held a hearing Wednesday to address the lack of access to basic banking services by state-legal marijuana businesses.
Currently, state-licensed marijuana businesses face a web of conflicting regulations and federal prohibitions largely prohibit these businesses from partnering with financial institutions, processing credit cards, and taking standard business deductions.
NORML Deputy Director Paul Armentano submitted written congressional testimony, which you can read here.NORML Political Director Justin Strekal published on op-ed on the topic in The Hill Newspaper, entitled Businesses need bank accounts — marijuana shops included.
One of the best ways to speed up marijuana legalization is by allowing the existing companies access to basic banking services and it is encouraging to see Congress begin the conversation.
You can watch the hearing below.
Courtesy of NORML.