Stung by robberies in California, Colorado, Washington and other states, the cannabis industry is pressing Congress to change federal banking laws so that its retailers no longer have to carry and process large amounts of cash.
Yet lacking the lobbying muscle of their adversaries, the industry hasn’t gained much traction on Capitol Hill, leaving cannabis business owners and their employees vulnerable to thefts and violent crime.
Republican lawmakers from pot-unfriendly states have sidelined legislation in the House and Senate that would allow marijuana businesses to conduct transactions with federally regulated banks. These also include state and community owned banks that are part of the Federal Reserve System.
Full Article / Source: www.pressherald.com