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Opinion: Finance reform for the marijuana industry – don’t bank on it

Andrew Kaye

Federal banking reform for compliant businesses is an obvious next step in the evolution of the marijuana industry.

Today, there are 39 U.S. states that have legalized cannabis for medical purposes and 21 that allow its recreational use, with combined sales projected to reach $38.8 billion in 2023.

The cannabis industry should, in theory, have the same access to loans, deposits and credit cards that all other industries have.

And considering its legacy of illegal cultivation and sale, having all that hot cash floating around unaccounted for is insane, right? Right!

Tough choices

But not so fast.

Despite repeated attempts in Congress to pass banking and tax reform for the cannabis industry, there has not been legislative consensus or the political will to get it done.


The typical alphabet soup of legislation from both sides of the aisle in the U.S. Senate and House

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