Is Cannabis Banking Legislation Even Necessary?
The chance of Congress passing any kind of marijuana banking legislation prior to the November 2020 election are slim at this point. But is it even needed in the cannabis industry? According to an article on Bloomberg, passing such legislation as the SAFE Banking Act would not change anything for most banks, particularly those who have stated they will not do business with cannabis companies until marijuana is made federally legal.
The article quotes the former head of the Department of Justice’s money laundering division, John Vardaman, as saying, “There hasn’t been a single financial institution that has been prosecuted or faced any kind of regulatory enforcement action just because they were banking marijuana.” The implication being that banking legislation for the cannabis industry is simply unnecessary. What do you think? Is comprehensive banking legislation from Congress needed right now? Sound off in the comments!