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Why Cannabis Firms Are Focused on Banking and Tax Reform May 19, 2021

Why Cannabis Firms Are Focused on Banking and Tax Reform

SMITH BRAIN TRUST – After passing new legislation in April that allowed banks to provide services to cannabis companies in states where the drug is legal, the U.S. House of Representatives sent a signal that it may be high time to remove barriers to business for the cannabis industry
The bill, dubbed the SAFE Banking Act, comes after a major lobbying effort by the American Bankers Association, and still faces headway in the Senate
Carissa Cartalemi, ’15, owner and operator of Star Buds Medical Marijuana Dispensary in Baltimore, says the bill marks a step in the right direction, addressing some of the hurdles facing dispensaries like hers. But there’s a long road ahead
“Because medical cannabis is still federally illegal, we haven’t been able to use credit and debit card processors, online ordering or many financial services that most businesses take for granted,” says Cartalemi, who, along with...

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