Considering Safe Banking for the Cannabis Industry


Considering Safe Banking for the Cannabis Industry

23 May 2024

America has increasingly moved in favor of legalizing cannabis consumption (Figure 1), but the shadow of prohibition still hangs over even the freest of states. One need only look to the financial system to see how heavy that shadow truly is. Despite states welcoming the cannabis industry with open arms, federally regulated financial institutions must stay an arm's distance away. This clash between federal and state laws has forced many businesses to operate on the fringe of the financial system, suffer an increased risk of robberies, and lose out on potential investments. Ultimately, these costs--costs created by the clash of federal and state laws--end up negatively affecting not only those who work in this industry but also their customers.
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Nicholas Anthony, Jeffrey A. Singer

Published in
United States of America

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