While marijuana prohibition has come a long way and many states today allow the drug to be legal in some form, medicinally or recreationally, there is still an issue when it comes to the banks.
Banks still don’t really want to do anything with marijuana in fear that it could cause them legal trouble.
On Wednesday bank officials urged Congress to allow banking system in the U.S. to open its doors to marijuana.
According to California Treasurer Fiona Ma, the measure is a critical step for the rapidly expanding industry.
Gregory S. Deckard, on behalf of the Independent Community Bankers of America, remarked that the cloud of legal uncertainty was inhibiting access to banks while creating safety hazards for businesses.
According to Deckard, the proposal, “would offer the needed clarity” for more financial institutions to welcome the marijuana industry as customers.
“Lawmakers are not being asked to weigh in on whether marijuana should be legal or not. They are simply looking at whether banking services should be available to these businesses in states where it is already legal,” remarked Mason Tvert of the Marijuana Policy Project, an advocacy group.
