of the US Financial Treasury Network (FinCEN) an increasing number of financial institutions are willing to work with cannabis companies. On September 30, 375 banks and 111 credit unions manage marijuana companies.
These figures show that the number of financial service providers willing to use cannabis continues to grow despite the federal unlawfulness. The report confirms what cannabis lawyers have experienced in recent years in Washington, Oregon, and California: most of the licensed corporate clients of cannabis have accumulated and is not as difficult as a primary training merchant account.
Yet most financial services providers have been reluctant to serve the marijuana industry for years, fearing that the ban on cannabis in the federal states would be responsible for money laundering laws. Earlier this year, many argued that banks refused to associate with cannabis companies after the US decision was made. Agent Jeff Sessions withdraws political protections for licensed marijuana companies from federal disturbances. However, the latest FinCEN report shows that these fears were mostly speculative.
The American Banking Association, which recently conducted a survey on the problems of banks serving cannabis business, encourages the improvement of legal clarity for banks operating in states where legalization of leisure and medical cannabis has taken place. The Guidelines currently used by the financial services industry are the guidelines published by FinCEN in 2014 and could be used for updating taking into account the continuous rise in marijuana reform
Several executives of the Trump administration have also expressed the need to clarify cannabis's bank issues. For example, Finance Minister Steven Mnuch stated in a congressional certificate that he wants companies operating in states where marijuana is legitimate in order to retain their profits in banks.
I assure you that we do not want a casket … We want to find a solution to ensure that companies with large cash have access to a depository to make it safe. "
In June, Chariwoman Federal Deposit Insurance Company Jelena McWilliams explained that she asked her staff to consider ways to deal with banking issues, but in the hands of the agency was "slightly tied" until federal law legalized cannabis.
Support also to clarify and strengthen marijuana bank problems also comes from states. A few months ago, the coalition of the best financial regulators in the thirteen states called on the Congress to take action to protect the banks operating in the cannabis industry.
Regulators write in their letter:
The Congress is required to resolve conflicts with state cannabis programs and federal statutes that effectively cause unnecessary risks for banks who want to operate in this space without threatening civilian activities, loss of property, reputation risk and criminal sanctions. "
Finally, in June, two constitutional councils of twelve councils urged legislators to pass on the tenth amendment to the Believing States (" STATES ), proposing the revision of controlled material by state-lawful marijuana.
Increasing support for the permanent protection of banks serving cannabis companies is a promising sign that legal reform is under way. The newly established democratic parliament has expressed a strong desire to move cannabis legislation, including bank issues, for a new year. The only time it tells me is whether the Republican would allow the Senate to govern.