Elizabeth Warren on Cannabis and Banking

s.e. smith has a fine article at Truthout about Senator Elizabeth Warren’s support for cannabis access to banks:

If the question of whether your friendly neighborhood cannabis cooperative can access the bank doesn’t seem pressing to you, consider this: In 2016, the industry pushed $7 billion in sales — and much of that money was processed in cash transactions.

Only around 300 banks offer services to marijuana-based businesses because they occupy a strange regulatory limbo that makes them risky customers. Warren and some of her cohorts want to change that.

While “marijuana-based business” may trigger a mental image of a dispensary or head shop, the industry is much, much larger than that. It includes growers and facilities that produce a variety of marijuana products like tinctures, extracts and edibles, along with the companies that supply equipment to those operations.

We believe that public banking is one solution to this social problem, which smith describes in some detail at the link. Cannabis cash is also one solution to capitalizing public banks.

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