TAMPA, FL – December 19, 2019 – In an article published by New York Daily Weed Report on Wednesday, December 18, 2019, Richard M. Blau provides insight on the pending Secure and Fair Enforcement (SAFE) Banking Act that would finally legitimize marijuana-related businesses (MRBs), if passed.
According to Blau, making money from the marijuana industry bona fide, billions of dollars would begin to flow freely through the federal banking industry, which could only be a positive result.
Many established banks and financial institutions refuse service to MRBs because the federal government continues to list “marijuana” as an illicit Schedule 1 narcotic under the Controlled Substances Act.
“Because these banking organizations typically are accredited by federal regulatory agencies, subject to federal regulatory oversight, and access the Federal Reserve System, they are unwilling to risk their accreditation, compliance and access by working with MRBs whose legal status may be unclear as a matter of federal law,” he details.
Passage of the act would also enable business guidance resources and financial planning, both of which are not available but are “invaluable.”
Blau further explains how currently 33 states and D.C. have legal medical marijuana markets, while 10 states, including D.C. have legal recreational markets and the nascent, but fast-growing cannabis industry represents major profit-opportunity for financial services businesses only if they are allowed by law to provide their banking and financial services to MRBs.
There is speculation that if passed, the Act will be enacted prior to the 2020 election.
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