It was announced this week that a California credit union will provide cannabis companies with checking services, wire transfers and other banking staples that most other businesses already enjoy. Even though cannabis and marijuana have been legal since 2018 most banks wanted nothing to do with money from the industry for fear it could expose them to legal trouble with the federal government. At the federal level cannabis and marijuana are still considered illegal.
As a result of this disparity, the industry has been left to do business largely in cash which has made them targets for crime. Under the partnership, the California Cannabis Industry Association and its members will gain access to banking services through the North Bay Credit Union, based in Santa Rosa. California legal cannabis has faced serious struggles with banking and payment services as a result and this has had a detrimental impact on the industry.
With growing acceptance and a changing regulatory climate there are more banks willing to accept cannabis accounts. As of September 2020 there were only 677 banks and credit unions nationwide providing services for cannabis related businesses. That represents an overall decline and that represents a small minority of the industry as a whole. Efforts to change cannabis laws at the federal level have been met with resistance in Congress.
President Biden has said he will decriminalize but not legalize the use of cannabis while expunging all prior cannabis convictions. The Democratic Party is clearly more welcoming to reforming cannabis laws. Vice-President Kamala Harris has said that making cannabis legal is the “Smart Thing” to do.
Cannabis Grow Builders has been involved in the emerging legal Cannabis Industry as a builder and developer of grow facilities since 2016. Daniel Stevenson and his team work with Cannabis Entrepreneurs and Solopreneurs to maximize the potential in their business while remaining on the cutting edge of constantly changing governmental regulations. Please reach out to us at 916-933-7333, via e-mail at firstname.lastname@example.org