Government,
Banking,
Administrative/Regulatory
Apr. 17, 2020
Cannabis ‘banking crisis’ reveals federal incentives are sweeter than the industry’s prospects for financial institutions
Despite rapid growth of regulated cannabis markets across the U.S. and its territories, conflicting federal and state laws continue to hinder the industry. As a result of banking restrictions, everyday business activity performed by state licensed cannabis businesses — lawful in most other sectors — transforms into criminal conduct.
Hannah Stitt
Ad Astra Law Group, LLPEmail: hstitt@astralegal.com
Hannah represents individuals and companies in business litigation. This article has been prepared for general information purposes only. The information presented is not legal advice, and is subject to change.
Despite rapid growth of regulated cannabis markets across the U.S. and its territories, conflicting federal and state laws continue to hinder the industry. As a result of banking restrictions, everyday business activity performed by state licensed cannabis businesses -- lawful in most other sectors -- transforms into criminal conduct. Lack of access to financial services also means that these cash-based businesses earn zero interest on any generated revenues, have lim...
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