The cannabis industry, despite legalization, operates largely in cash due to its Schedule I drug status, complicating financial operations and hindering growth.
The SAFE Banking Act aims to allow state-legal cannabis businesses access to banking services, securing financial institutions from federal prosecution.
Supporters of #SAFEBankingNow highlight the need for equitable access to banking for diverse small business owners, including women, minorities, and veterans.
Operating without banking services puts cannabis startups at a disadvantage, forcing them to function in a cash-only environment without business support.
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