If you want a perspective on how allowing regulated banking in the cannabis industry would be monumental, just ask Robert Hoban. A leading cannabis lawyer and policy advisor with Hoban Law Group, Hoban also is a contributor to Forbes.com on legal issues related to the cannabis industry.
In a recent Forbes.com article, Hoban writes: “Simply put, the U.S. needs the SAFE Banking Act, the global cannabis industry needs the SAFE Banking Act, and our post-COVID-19 economy needs the SAFE Banking Act. Without banks, state-compliant cannabis businesses can’t accept credit cards, acquire loans, set up deposit accounts, write checks, run payroll, or pay taxes. All this currently enables money laundering, presents a safety hazard, and prohibits the U.S. from keeping pace with nearly all of its neighbors in the Western Hemisphere in the new commercial global cannabis economy.”
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