State marijuana associations are rallying together for immediate action regarding federal banking changes, to give marijuana businesses access to the banking system without further delay. In this current era of legal marijuana, banking access is a vital piece of the journey towards large-scale cannabis businesses and the economic windfall it could provide. Advocates say now is the time for simply a vote, without further delays.
1. “Weed Banking: An Urgent Call To Action”
The quality of soil in many parts of the world has degraded significantly, leading to a decrease in agricultural productivity and ultimately putting food security at risk. To help counteract this harmful trend, advocates of weed banking are advocating for a radical transformation of our food production systems. By utilizing modern technologies to focus on the seeds of native, non-invasive plant species, we can better protect this vital resource and reduce the current threats posed to our food supply.
The key challenge in creating a successful weed banking system is establishing a central resource center. This would require both the necessary infrastructure to store the seeds properly, and also an effective way to monitor usage and distribution in order to prevent the spread of invasive plant species. Additionally, it must be cost-effective yet able to reach a wide range of places so that farmers in rural and urban areas can have access to the necessary resources. However, with the current rate of degradation of resources, acting quickly on the call for weed banking is critical.
- Weed banking would help to protect vital soil resources
- Establishing a central resource center is the key challenge that must be addressed
- A cost-effective system with wide-reaching access is needed
- Action on weed banking is urgently needed
2. “The Growing Pressure of Cannabis Without Access to Banking”
Cannabis companies are often locked out of the banking industry, excluded from traditional financial services that help a business flourish. As more states legalize cannabis, this issue has become an even greater source of stress for cannabis businesses.
The lack of access to financing doesn’t just hinder cannabis companies, but it also affects t he users of cannabis products. With no way to accept and store money, many businesses use cash transactions only. This can be a source of frustration, as it can be hard to keep track of how much money is being acquired, and security can be an even greater issue.
- Legality & Acceptance – Banks are prevented from doing business with cannabis companies in certain states due to the federal restrictions in place. In states where cannabis remains illegal, a business could face legal repercussions if they accept payments for cannabis.
- Access to Capital – Traditional banking services enable companies to access capital and receive loans. Without this access, cannabis companies are limited in how they can acquire financing and must take on more private investments.
- Business Sustainability – As a result of the lack of access to banking, cannabis companies have fewer opportunities for growth. This can ultimately lead to the demise of the business, as it can be difficult to sustain a business without the ability to scale.
3. “State Associations Unite to Challenge Unlawful Banking Practices”
State associations across the country are uniting to take a stand against unlawful banking practices. They have formed a coalition that is challenging banks that violate consumer rights, including those related to undisclosed fees and predatory lending. The coalition is demanding stronger regulation and enforcement of existing laws to ensure consumers are protected.
The state associations are vowing to hold banks accountable for any misconduct and to take legal action when necessary. They are also making it clear that they won’t tolerate any unfair or unjust practices. Some of the areas they are focusing on include:
- Unlawful overdraft fees
- Catastrophic interest rate hikes
- Discriminatory lending practices
- Unnecessary fees and charges
The state associations’ mission is to protect the public from banks that operate with impunity. They are determined to make sure consumers have access to fair and transparent banking services. By uniting their efforts, they are sending a strong message that unlawful practices will not be tolerated.
4. “Pressure on Congress and Fed to Act ‘Without Further Delay
The pressure on the United States Congress and the Federal Reserve to act quickly on the coronavirus pandemic is intensifying day by day. With U.S. citizens facing harsh economic pressure and job losses, Congress and the Fed are crucial actors in the economic recovery efforts.
The looming threat of permanent job losses and economic recession is one of the biggest reasons why people are calling for Congressional and Fed action without further delay. Here are a few of the most-requested solutions to help Americans facing immense financial insecurity:
- Significant increase in funding for unemployment insurance.
- Further issuance of stimulus payments to individuals.
- Specialized aid for small businesses, to facilitate loan forgiveness.
- Interest-free loans to help self-employed individuals and freelancers.
- Large-scale investment in sectors such as health care, manufacturing, and green energy.
It is vital that Congress and the Federal Reserve come together and work on a proactive strategy to provide immediate relief and security to Americans, so that they can cope with the hardship and uncertainty during this crisis. A widely accepted and effective economic relief plan is necessary for the United States to survive and thrive during troubling times.
With the support of all their state marijuana associations, the nation now awaits the direction of Congress and the US Senate, who have the power to grant marijuana businesses much needed banking access. As the petition continues to gather support, these associations continue to unite and push for further action, with one common goal in mind: that no further delays will stand in the way of marijuana banking reform.