As of August, 2019, there are two bills that Congress is considering which seek to alleviate most, if not all, of the legal and financial challenges that banks currently face under federal law: the Secure and Fair Enforcement Banking Act of 2019 and the Strengthening the Tenth Amendment Through Entrusting States Act. In his article published by Law360, attorney Reginald Snyder discusses the legal and financial challenges of banks and marijuana related businesses, the risks of violating federal law, and the STATES Act and the SAFE Banking Act.
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2 Cannabis Bills Would Benefit Banks, Businesses and Government
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Banks refuse to work with MRBs in the U.S. because the federal government still classifies marijuana as an illegal drug under the Controlled Substances Act.
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