Dear Stoner: Even if marijuana banking were allowed by Congress, would the Wells Fargos of the world even touch it?
Dear Miranda: 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.”
Send questions to email@example.com.
Keep Westword Free... Since we started Westword, it has been defined as the free, independent voice of Denver, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Denver with no paywalls.