A federal bill that would protect banks that work with cannabis companies appears headed to the Senate floor after passing out of committee this week. Since marijuana is legal in some states, but illegal at the federal level, the industry has long struggled to gain access to financial services — instead many business owners are forced to deal with the inconveniences and dangers of transacting in all-cash.
"The current all-cash model of legal cannabis businesses makes them targets for theft, tax evasion, and for organized crime," said Sen. Steve Daines (R-Mont.), one of the bill's sponsors, at a banking committee hearing Wednesday. "The key to addressing this risk is by ensuring that all legal businesses have access to the banking system."
https://www.axios.com/2023/09/28/landmark-cannabis-banking-bill-scores-a-win?stream=top