Majority of Americans Want Congress to Act on Cannabis Banking

Majority of Americans Want Congress to Act on Cannabis Banking
High Times

According to data collected in a national survey, released March 8, conducted by Morning Consult, and on behalf of the American Bankers Association, the majority of Americans want Congress to get the ball rolling with cannabis banking reform.  Lack of banking access forces cannabis businesses to deal in cash—which has proven to be exceedingly reckless. A dangerous pattern of robberies formed in certain states related to cannabis, money, and how the two intersect.  The survey data suggests that the majority of Americans are satisfied with their bank account, but the survey also questioned participants about their views on allowing cannabis businesses to have access to banking institutions and whether that should be allowed.  The survey examined consumer views on cannabis banking. A strong majority of American adults—65 percent—support allowing cannabis businesses to access banking services such as checking accounts and business loans in states where cannabis is legal, while only 15 percent oppose. Furthermore, 68 percent of Americans said that Congress should pass legislation so that cannabis businesses can “access banking services and products in states” where it is legal. Seven in 10 support Congress passing legislation that allows cannabis businesses to access banking services such as checking accounts and business loans, at least in states where cannabis is legal. In many of those states, the businesses still deal in cash.  “Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law so banks can serve legal cannabis and cannabis-related businesses,” said Rob Nichols, ABA president and CEO. “Doing so will help banks meet the needs of their communities while enhancing public safety, increasing the efficiency of tax collections and improving the financial transparency of the cannabis industry.” Leaders from NORML applauded the new batch of data, particularly for the survey’s inclusion of…

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Source : Majority of Americans Want Congress to Act on Cannabis Banking

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