- Those funds were denied to the nation’s thousands of cannabis companies, though, because most banks refuse to serve cannabis-related companies due to the conflicted status of cannabis legal under state law, illegal under federal law.
- Federal banking and Small Business Administration rules prevent all cannabis and cannabis-adjacent companies from applying for funds available to all other American companies impacted by the pandemic.
- Saphira Galoob, Executive Director, National Cannabis Roundtable
- Our businesses are going to be critical to the country’s economic recovery, and we are asking to be treated like every other small business in the country, Galoob added.
- Not only should cannabis businesses have access to economic stimulus and relief funds, they should have access to fundamental banking services through the SAFE Banking Act.
Read full article: leafly.com