According to US based Cannabliss, a bill that would decriminalize the provision of banking facilities to legal marijuana businesses by banks and credit unions passed the House of Representatives with a vote of 56-3. It will now be sent to the Senate for adoption.
The bill’s passing represents a key development and a major step towards decreasing risk and for banks, and credit unions many of whom feared falling foul of anti-money laundering rules even though the marijuana businesses are legal.
At the moment, a slew of federal laws prevent legal marijuana businesses from using banking services. This means they must hold significant quantities of cash rendering them targets for criminals. The bill, if passed by the Senate will send a clear signal to Congress to expedite the passing of legislation that would remove restrictions for banks at a federal level.
“Holding large quantities of cash is counter-productive especially when these businesses are producing their products in compliance with state law,” said Brad Flint, marketing spokesperson for Cannabliss. “That the state had to table this bill as a temporary solution is egregious. Banking reform is not keeping pace with what is a multi-billion dollar legal industry and this should send a clear message to Washington,” Flint added.
Cannabliss, which intends open a small chain of stores selling edible marijuana products to medical patients in the state of Florida upon successful passing of a November 8 ballot, said it had already begun lobbying at state level for pre-emptive banking reform that would allow revenues from legal commerce to progress through the banking system.
Cannabliss is a wholesale distributor of medical marijuana products on the continental United States. Cannabliss only works with retail and medicinal outlets – we do not offer or distribute THC or CBD-based products directly to patients or to the general public.
We buy highly-consistent, fully-balanced, pure cannabis-infused edibles from leading growers and manufacturers of THC and CBD-based products and provide secure, reliable and safe distribution to a number of well-known, licensed medicinal and recreational use dispensaries in all of the 23 states that have passed legislation permitting the use of medical marijuana. Our ability to buy inventory from the growers and manufacturers in considerable quantities means that we are able to pass on generous discounts to our contracted outlets enabling cheaper prices for end-users and enhanced profitability for dispensaries.