The banking industry has largely been reluctant to service the cannabis sector because of pot’s classification as a Schedule 1 drug, forcing many marijuana- related businesses to deal primarily in cash. Cannabis reform advocates say the cash-only nature of the industry making the businesses targets for theft.
“The genie is out of the bottle and has been for many years. Thousands of employees and businesses across this country have been forced to deal in piles of cash for far too long, and it is the responsibility of Congress to step up and take action to align federal and state laws for the safety of our constituents and communities,” Perlmutter said in a statement.
