While marijuana use in many locations is either controversial,
illegal, or both, it doesn’t change the fact that there are still such
operations taking place in the United States.
Operating under state laws that allow same to work, though in a somewhat contradictory fashion against federal law, issues of access to banks is central to these operations.
Without banks, they’re reduced to cash-only operations, a dangerous way to work. A new push from Microsoft and the U.S. Senate may be set to change that, though.
Microsoft is reportedly set to partner with KIND Financial to give government agencies a means to track the operations of state-legal marijuana operations.
With this tracking also comes a bit of advantage, namely, a wide range of financial services that make it possible for these organizations, often underserved by banks if served at all.
That’s a great step, but the Senate is also stepping in, as the recent Financial Services and General Government appropriations bill has recently passed the Senate Appropriations Committee, which brings access to general banking services for these marijuana-based small and medium-sized enterprises (SMEs) that currently are often out in the cold.
Oregon Democrat Senator Jeff Merkley noted “The federal government should not be forcing Oregon’s legal marijuana businesses to carry gym bags full of cash to pay their taxes, employees and bills.
This is an invitation to robberies, money laundering and organized crime. We need to enable our banks to serve these legal businesses without fearing devastating reprisals from the federal government.”
No matter how one feels about marijuana, and there are enough options to go around, these are legal businesses, at least at the state level.
If the states want to have these sorts of businesses within their borders, then they really shouldn’t have to go around the mother-may-I bush with the federal government, especially for something as important as banking services.
Hopefully, these state-legal businesses can find access to the vital services that a business needs to operate.
Recent moves suggest that may be more likely now than ever, and in the end, a business selling a product some people need for medical reasons will be able to operate with all the latest technology, potentially even including mobile payments.
Operating under state laws that allow same to work, though in a somewhat contradictory fashion against federal law, issues of access to banks is central to these operations.
Without banks, they’re reduced to cash-only operations, a dangerous way to work. A new push from Microsoft and the U.S. Senate may be set to change that, though.
Microsoft is reportedly set to partner with KIND Financial to give government agencies a means to track the operations of state-legal marijuana operations.
With this tracking also comes a bit of advantage, namely, a wide range of financial services that make it possible for these organizations, often underserved by banks if served at all.
That’s a great step, but the Senate is also stepping in, as the recent Financial Services and General Government appropriations bill has recently passed the Senate Appropriations Committee, which brings access to general banking services for these marijuana-based small and medium-sized enterprises (SMEs) that currently are often out in the cold.
Oregon Democrat Senator Jeff Merkley noted “The federal government should not be forcing Oregon’s legal marijuana businesses to carry gym bags full of cash to pay their taxes, employees and bills.
This is an invitation to robberies, money laundering and organized crime. We need to enable our banks to serve these legal businesses without fearing devastating reprisals from the federal government.”
No matter how one feels about marijuana, and there are enough options to go around, these are legal businesses, at least at the state level.
If the states want to have these sorts of businesses within their borders, then they really shouldn’t have to go around the mother-may-I bush with the federal government, especially for something as important as banking services.
Hopefully, these state-legal businesses can find access to the vital services that a business needs to operate.
Recent moves suggest that may be more likely now than ever, and in the end, a business selling a product some people need for medical reasons will be able to operate with all the latest technology, potentially even including mobile payments.
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