2 Cannabis Bills Would Benefit Banks, Businesses And Gov't

Law360 (August 23, 2019, 3:43 PM EDT) -- By all objective metrics, the marijuana industry is booming. U.S. sales of marijuana for medical and recreational use in 2019 are expected to reach $5.9 billion and $7 billion respectively, up 28% (from $4.6 billion) and 21% (from $5.8 billion) from 2018.[1] In 2019, the total number of registered U.S. medical marijuana patients is projected to reach 2.4 million, up 26% from 1.9 million patients in 2018.[2]

Despite the prolific growth of the marijuana industry, only approximately 30% of marijuana-related businesses have a bank account. Most banks and financial institutions refuse to handle marijuana-related financial transactions.[3] Consequently, the vast majority of...

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