Most Americans now support cannabis banking

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65% of the surveyed population welcomes the arrival of banking laws for the cannabis industry

More and more Americans are becoming involved in the cannabis industry and purchasing their favorite products. However, paying cash is not always that convenient and this is a reality that the industry is experiencing due to the lack of banking services. Factors such as these may have influenced a survey recently released by the American Bankers Association (ABA), where a large number of residents indicate that they are in favor of banking reform in the cannabis market.

According to the results shared two days ago, at least 65% of respondents said they favor allowing cannabis businesses in legal states to have access to traditional banking services. These services could include having a checking account or a business loan. Only 15% of survey participants said they were against such a policy.

Morning Consult, the entity in charge of conducting the survey, also asked whether Congress should pass legislation that would make this reform finally a reality. Nearly 68% indicated that they agree that legislation should be passed to allow cannabis companies to opt into financial services like any other traditional industry company.

“Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law so banks can serve legal cannabis and cannabis-related businesses,” ABA CEO Rob Nichols said in a press release. “Doing so will help banks meet the needs of their communities while enhancing public safety, increasing the efficiency of tax collections, and improving the financial transparency of the cannabis industry.”

Recently Congressman Ed Perlmutter said he will move heaven and earth to get the Senate to take action and pass this much-needed reform. Perlmutter has made a total of six efforts through various measures and hopes that this time he can finally be heard.