While the legal marijuana industry already generates billions of dollars across the United States, the industry has one big difference with other sectors of the economy. The majority of those transactions happen in cash.
Because federal law continues to list marijuana as an illegal drug, banks remain wary of providing banking services to cannabis-related businesses despite the fact that more than half the states have legalized medical marijuana and eight now have legalized recreational marijuana. A group of senators have taken on the issue by pushing the US Treasury Department to clarify guidelines to allow business — like landlords, building trades and the security services needed to transport cash — to
unfettered access to banking services. The bi-partisan group includes two prominent Democrats, Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren.
Sen. Jeff Merkley leads the group. His home state of Oregon was among the first to legalize both recreational and medical marijuana. The group also includes Republican Sen. Lisa Murkowski of Alaska and independent Sen. Angus King of Maine. Sanders still identifies as independent, but caucuses with the Democrats and is a member of the Democrats leadership team.
Issue extends beyond marijuana businesses.
In a letter sent to the Financial Crimes Enforcement Network,…