Cannabis Banking Act

The Cannabis Banking Act is proposed legislation aimed at allowing financial institutions, like banks and credit unions, to provide banking services to cannabis-related businesses that operate legally under state laws. Currently, many banks hesitate to work with these businesses due to federal restrictions and legal uncertainties, leading to issues like cash-only operations and safety concerns. The Act seeks to clarify the legal landscape, enabling secure and regulated banking options for these businesses, reducing crime risk and increasing tax compliance, without contradicting federal law. It promotes a safer, more transparent financial environment for the expanding legal cannabis industry.