The marijuana industry in the United States is growing and expanding every day. But there's one issue that continues: banking. Since marijuana is still illegal at the federal level, many banks refuse to work with cannabis companies out of fear of investigations or crackdowns by the Department of Justice. Now an expert is speaking out and demanding that Congress fix this.
Charlie Wilson is the Chief Revenue Officer for Green Bits, a platform that helps ensure marijuana businesses are compliant with regulations. In an op-ed for The Hill, Wilson argued that it's time for marijuana industry to go cashless and asked for Congress to relax restrictions on banks from dealing with cannabis companies.
Wilson made three major arguments in support of his opinion. One is that operating as a cash business is less safe and means marijuana businesses are often the target of robberies. Second, he noted that cash-only businesses are actually harder to regulate at both the state and federal level. And third he said that cash-only is inconvenient to customers, particularly in the 21st century where people often don't carry cash on them as they did in the past.
It's interesting that Wilson would make these arguments, because it's less about how going cashless would help the marijuana industry and more on how it would help people outside of it. It makes it easier for customers and regulators, and also leads to a more safe environment.
Unfortunately, this is a rational argument and politicians refuse to listen to anything that isn't completely irrational when it comes to drug policy, so Wilson's op-ed will simply fall on deaf ears.
(h/t The Hill)