Cannabis Businesses and Banks Stuck in Limbo

Source

Mainebiz

Date

6-27-2022

Pages

18-21

Abstract

A discussion of the proposed SAFE Banking Act, a bill which would allow banks to work with small business owners in the cannabis trade (in states where marijuana is legal) without fear of federal reprisals. Describes the Act, and the protection it would afford banks choosing to loan money and grant accounts to cannabis businesses. Describes the struggle of many cannabis entrepreneurs to fund their businesses when banks subject to federal anti-drug laws will not help them, or will do so only at elevated cost. Describes the dangers inherent in cash-only cannabis sales.

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