Across the country, the cannabis industry is facing difficulties in banking.
While federal law currently bans financial institutions from doing business with companies that sell cannabis, Lonnie Talbert of Southwest Capital Bank points out the Obama-era policies he believes opened the door to banks.
“If you think about it, if you don’t have a banking partner to actually deposit your deposits with, these companies hold loads of cash, which is completely unsafe, which is not in the best interests of public safety,” Talbert said It is incredibly important to have a banking partner willing to take your deposits and provide the services to which all legitimate businesses should have access. “
Efforts have been made on Capitol Hill in recent years to legalize cannabis company banking, but none of the proposed measures have crossed the finish line.