Calls to have the Marijuana Dispensary Bank Law amended to allow better access to banking have been flowing from every side of the United States. With the sale and use of marijuana already legalized in 20 US states, there has been an outcry from industry stakeholders because of their inaccessibility to banking services. Banks and other financial institutions are not letting up either, perhaps due to fear of government wrath.
State officials from different cities have also voiced their concerns regarding the cash-only business, citing risks to public safety. It is believed that with cannabis used already given the white flag, medical marijuana dispensaries must also be allowed proper access to banking. Some quarters attribute the failure to have regulated laws as yet to the fact that it is a new bill, and teething problems must also be exhibited. The federal law up to this point classifies marijuana as an illegal drug, making financial institutions hesitant to transact with its business players.
Marijuana – The Fast-Rising Business
Ever since the bill to have marijuana legalized was passed, a lot of money has changed hands. Dispensary have recorded massive sales, and it is not easy to imagine where all these money ends up if banks can’t allow. Statistics are expected to keep changing on a daily basis, more sales will be made, and the economy will be rising. The question, however, remains when the law is going to be changed to allow dealers of cannabis to access banking facilities freely without being judged? It is beneficial to both the merchants and the government with regard to tax returns and the overall economy growth in the long run.
There is every reason to believe that from the figures seen in the past concerning the marijuana business, this is soon going to become an explosive industry. However, unless the laws change, some market players may become less motivated because their safety and the security of their money can’t be guaranteed.
Fast-Track Marijuana Dispensary Bank Law
Money accounts for almost 99% of crime, either directly or indirectly. There are fears that the longer the state and its affiliate partners take in amending the law, the higher its citizens are being exposed to risk. Marijuana Dispensary Bank Law must be passed as soon as yesterday if the interests of the people are a priority for the government. The amount of money involved in the marijuana business cannot just be stocked in houses without exposing people to risks of theft and murder.
Crime and violence are often instigated by money and power, and in this case; the former is the motive. Having a marijuana dispensary loaded with huge sums of money is a recipe for disaster. Anything can happen to the parties involved, and the community is always watching. Some state officials have been keen to point out that providing easy access to banking for green money, as it is called in some quarters, is a major stride in the provision of security to locals and the community at large.
Conflict Between State and Federal Marijuana Dispensary Bank Law
Medical marijuana was voted overwhelmingly by voters as a legal substance, but it is treated as regulated and is still considered illegal to possess under the federal law. This has majorly affected decisions by banks and other related institutions, with most of them opting to stay away to avoiding rubbing shoulders with the law. All in all, it is believed that there are a few financial institutions that serve marijuana dispensaries today, which is a far cry of what the figures brought in by the medical marijuana indicate. Find them here http://mjbizdaily.com/industry-directory/banking-point-of-sale/
A good number of dealers cannot access banking services to safeguard their money from marijuana sales, not by choice, but due to circumstances. It is not safe at all as there are numerous risks as mentioned above. For those seeking ways and means of obtaining free banking, there is some help. We provide a proper gateway to dealers of marijuana who cannot get their money banked owing to the stringent federal law and bankers’ stance. As a legalized substance, businessmen and women ought to be given equal rights for as long as they have not in any way broken the standing rules as set by the state. Their businesses must be treated as any other forms of investments because they are equal taxpayers who have not transacted any dealing opposed by the law.
How to Seek For Help with the Marijuana Dispensary Banking?
Call to have the Marijuana Dispensary Bank Law amended to allow better access to banking. Greenstar ATM provides the resources and tools you need to get banking for your marijuana dispensary.
Call if you have further questions, or click here if you would like to request information about our Marijuana Dispensary Banking Solutions.