Federal prohibition has been a massive thorn in the state legal marijuana industry’s side for years, and the coronavirus pandemic has made this abundantly clear. Despite cannabis being declared an essential service by most states with legal cannabis programs, businesses in the sector have been subject to federal restrictions that have made it nearly impossible to operate safely in these trying times. Aside from being denied access to relief funds dispensed by the federal government, marijuana businesses do not have access to the banking system, forcing them to operate on a cash only basis.
This not only puts them at risk of theft and crime, but it also puts staff, customers and anyone who comes into contact with the money at risk of being infected by the coronavirus. For months, advocates have implored lawmakers to correct this and grant cannabis-related businesses access to the banking system. Utah seems to be headed in that direction after state Attorney General Sean Reyes and Treasurer David Damschen called on Congress to pass a bill allowing marijuana-related businesses to access…
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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