New federal legislation would make business easier for cannabis industry

MARYLAND – A bill is making its way through Washington that could drastically impact the cannabis industry.

The Fair Enforcement Banking Act could go a long way to changing the way banks interact with the cannabis industry, and in turn change how consumers are able to buy their products.

As of now Visa and Mastercard do not work in cannabis transactions, making it hard for consumers to make purchases without cash.

Some cannabis store owners we spoke with locally say this would benefit the IRS, businesses and customers.

“When the banking opens up, that will be a huge asset to decrease some of these fees that both I incur, and that also the consumer then share,” said co-owner of Hi Tide, Robert Davis.

The bill passed through the House of Representatives by a vote of 321 to 103, with nearly half of republicans crossing over to support it. It now moves to the senate where it has been read twice and referred to the Committee on Banking, Housing, and Urban Affairs.