Post date: 4/2/2019

Bill Approved for Marijuana Banking Solutions by Congressional Committee Voting

One of the most significant movements towards the development of Marijuana Industry has taken place when a Congressional Committee voted 45 to 15 to approve legislation supporting increased access to banks for marijuana businesses. Currently there are no marijuana banking solutions under Federal Law as it is still not legalized. However, with this current development in the House, the industry might be able to get proper cannabis banking as well as paymentprocessing channels. As per the approved Bill, Federal Law cannot punish any financial institution for opening cannabis business checking accounts or for providing any other cannabis payment processing services, as long as due diligence is performed prior to and throughout the lifetime of such offered services.

For manufacturers and MMJ dispensaries in several states that currently have a means to transact electronically, the majority of them utilize cannabis merchant services offered by private organizations. Such services vary from pin debit processing to e-wallet to e-check processing; some of which integrate with MMJ point of sale systems while some do not.

According to the Committee Chairwoman Maxine Waters, the main advantage of having banking access for marijuana businesses is safety for the general public. As of now, transactions between manufacturers, wholesalers and even patients remain largely in cash, which as a result increases the probability of criminal activities in this industry.

Additionally, candidates who are competing for the 2020 presidential post from different parties are all in support of outright legalization of marijuana, especially for medical use. In recent times, Epidiolex drug has considered being Schedule 5 drug which can be effectively used to treat several rare diseases. This has triggered many officials and industry practitioners to make it legalized as soon as possible for the betterment of humanity.

With the approval of this Bill that helps the firms to access banking channels, marijuana business, patients and health care professionals will see a lot more development in the industry than before.

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