Even if marijuana banking were allowed by Congress, would the Wells Fargos of the world even touch it?
Many of the actions that have caused America’s economic depressions and recessions are allowed by Congress, and that hasn’t stopped banks from betting on our futures before — or, in Wells Fargo’s case, using fraudulent accounts to inflate numbers. But you may be right.
“It’s an expensive process. Just because [Congress] created a path didn’t mean the banks were actually going to do it,” explained Troy Dayton, CEO of cannabis research firm Arcview, during a recent conversation with Senator Cory Gardner
about cannabis banking and banks’ interest in pot. Gardner, who is pushing a bill that would protect banks serving cannabis businesses
, agreed...to a point. “They will be left in the dust,” Gardner said of banks slow to accept the cannabis industry. But smaller banks and credit unions could benefit from that: “Maybe the big, big guys don’t get in. But just like the PPP program, the smaller guys will carry the load as well and get this done.”
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