Back in January we posted on our Instagram account about Attourney General, Jeff Sessions, rolling back protections on State voted legal cannabis. Sessions has not had a change of heart yet, but we are incredibly thankful for the people and representatives out there trying to get through to him and other Congressional Leaders and create change for the better. So far, 19 State Attourneys General have gotten together to express their concern and the need for federally legal cannabis banking options.
Excerpt from the Letter:
"Despite the contradictions between federal and state law, the marijuana industry continues to grow rapidly. Industry analysts report that sales grew by 30% to $6.7 billion in 2016 and expect those totals to exceed $20 billion by 2021. Yet those revenues often exist outside of the regulated banking space. Businesses are forced to operate on a cash basis. The grey market makes it more difficult to track revenues for taxation purposes, contributes to a public safety threat as cash intensive businesses are often targets for criminal activity, and prevents proper tracking of large swaths of finances across the nation."