The American Bankers Association has just issued a report entitled “The Public Benefits of Banking Cannabis Businesses.” The report was issued July, 2019, and is available here.
The ABA Report highlights the challenges of preventing cannabis-related businesses from accessing the banking system, particularly as the industry continues to grow at a rapid pace.
The Report notes that the legal cannabis industry in the US is approximately $10 billion per year. If this industry is not able to access the banking industry due to federal law, much of these funds will remain in cash.
However, if the cannabis industry were able to banked, the Report anticipated a range of benefits, including:
- More economic growth
- Improved security and safety
- Reduced tax evastion
- Increased efficiency of tax collection
- More accurate assessments of economic risks