They say that money doesn’t grow on trees, but that’s because cannabis isn’t a tree.
As our nation prepares to reopen its economy after a lengthy pandemic, there are many financial analysts out there who have been wondering aloud if cannabis or marijuana could be a powerful catalysts for fiscal stimulus. The more potently psychoactive version of the plant is now either legal or decriminalized in a majority of US States, with cannabis, (diet weed, essentially), being federally legal as of this very moment.
In states where marijuana is legal, massive economic booms have occurred, which have in turn prompted other legislatures to take a look at adjusting their own laws.
One of the main issues in growing this cash-flush business has been the banking sector, on account of the fact that large national banks don’t wish to take on the liability of working within an industry that is under the thumb of federal criminality.
The House of Representatives is now looking to change that, and just in time to turbocharge our pandemic recovery.
The U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.
Lawmakers voted 321-101 to approve the bill and send it to the Senate.Advertisement - story continues below
The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.
Bankers around the nation have been clamoring for such a bill for some time, hoping to cash in on this green gold rush before it’s too late.
Both Canada and Mexico have federally legalized marijuana, leaving the USA as a laggard in western society.