Banking bill could expand financial options in cannabis industry

There’s legislation in the U.S. Senate that could open doors to expanded banking options for cannabis businesses past the typical cash-only option.

It’s called the Secure And Fair Enforcement Regulation Banking Act and it would allow “legal cannabis businesses access to traditional financial institutions, including bank accounts and small bank loans,” according to the bill language.

Since the marijuana industry is still illegal under federal law, many financial credit companies are unwilling to take money from cannabis businesses and do not allow such businesses to open an account with them.

Read more at Missouri Business Alert.