Pot Businesses Hope New Bill Will Give Them Banking Power

Despite the fact that 23 U.S. states and the District of Colombia have legalized medical marijuana sales, the drug is still seen as a Schedule I illegal substance in the eyes of the federal government.

The Obama administration has promised to allow states to make their own laws regarding the drug, but the disparity between federal and state laws has created a host of problems for businesses dealing in marijuana.

Unbankable

One of the major issues marijuana businesses face is a lack of engagement with banks. Because banks are restricted by federal laws, most are unable to do business with pot-based firms.

For that reason, marijuana startups struggle with everything from small business loans, to payroll, to even depositing the money they've made at the end of the day.

Changing The Rules

Some U.S. lawmakers are hoping to change that, saying that the all-cash nature of marijuana businesses is making them a target for criminals and decreasing public safety.

Related Link: Marijuana A Booming Business

House Resolution 2076 has been proposed by Representative Ed Perlmutter (D-CO) and Denny Heck (D-WA) in an effort to loosen the restrictions barring banks from serving marijuana-related clients.

Banking Makes Pot Safer

The bill is designed to keep businesses from holding on to large sums of cash, something that supporters say will only help enhance the marijuana trade.

Not only would the ability to bank reduce the risk of robbery, but it would keep the money these businesses make above the table and diminish the chances of underground sales taking place.