For legal cannabis entrepreneurs, finding a bank that will work with them is about as attainable as spinning gold out of snow. Just a mere whiff of the substance, still federally illegal despite the increasing number of states that have legalized medical and recreational use of pot, is enough for suits to send card-carrying professionals out the door.
It’s a problem that Mason Tvert, a pre-eminent marijuana policy expert, has been trying to address for years. Dubbed by The Boston Globe as “marijuana’s top evangelist,” Tvert, a Denver-based spokesperson for Marijuana Policy Project, a nonprofit focused on cannabis policy reform, played a key role in helping pass Amendment 64, the 2012 measure that led to the legalization of recreational marijuana in Colorado. But the banking problem, Tvert admits, is a formidable hurdle.
“The good news is there is legislation in the House of Representatives that has more than 90 co-sponsors,” he says, referring to a bipartisan measure named the “States Act,” which has been introduced by Massachusetts Democrat Senator Elizabeth Warren and Colorado Republican Senator Cory Gardner.
Full Article / Source: www.forbes.com