By Meg Ellis | Pot Network
Banking in the cannabis industry has been a contentious issue due to marijuana’s current classification as a federal Schedule I drug. A hearing in Congress may mark the beginning of a change in federal policy. Federal financial policies that is.
On February 13, a subcommittee of the U.S. House Committee on Financial Services heard testimony on the difficulties legal cannabis businesses face in opening and maintaining business-related bank accounts.
“It creates a huge barrier for other entrants coming into the marketplace,” said Rachel Pross, Chief Risk Officer of Maps Credit Union, an Oregon-based business.
“Bravo West Virginia for taking the steps necessary to provide banking to its medical marijuana industry as well as protections to financial institutions providing those in state services. I hope this sets the precedent for other states. Discriminating against legal cannabis businesses by failing to provide banking and financial services is simply not beneficial or reasonable from a regulatory, tax, business or industry perspective.”