The cannabis industry is one of the largest commercial industries in United States of America. It is inevitable that such a huge industry involves substantial money transactions as well. One of the difficulties companies currently face is to deal in cash every time while selling cannabis for medical or recreational purposes.
While merchant services providers allow dispensaries the opportunity to transact, there is still the problem with banking. In Los Angeles, the first ever public bank may emerge soon to back this industry.
In recent time, the LA government has declared that a public voting will take place soon in favour of starting up a public bank. If majority of votes goes in favour of the bank, LA may soon start a public bank to help the citizens of LA financially. With the pending vote, cannabis banking solutions will be easier to acquire for dispensaries, MRB’s and ancillary businesses as well.
According to the reports, if the public banking initiative is passed, then the banking institution will be able to assist in financing business owners by providing loans for the construction industry as well. In Addition, the medical industry that runs on MMJ and Cannabis will also benefit.
As soon as public banks start operating in LA, Cannabis Banking Solutions will be available for allI users. It is expected, with emerge of public banking, buying products from the MMJ and Adult use dispensaries will be much easier for the patients.
If a large part of the population is happy with the voting decision, there are some who are arguing against starting up city-run banks in LA. According to some people, once a public bank will start operating, it will be easier for the officials to pocket some money while citizens can enjoy the facilities. However, most of the people disagree with this fact as they know with such banking channels, tax structure will be enhanced as well as it will reduce the risk of inflow of black money.
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Reference Links:
- https://www.leafly.com/news/politics/los-angeles-will-vote-on-a-cannabis-bank
- https://www.bondbuyer.com/news/los-angeles-weighs-a-public-bank-for-cannabis-dealers
- http://www.latimes.com/business/la-fi-public-bank-charter-20180625-story.html#
- https://www.planetizen.com/news/2018/07/99475-los-angeles-consider-public-bank-housing-and-cannabis
