Since cannabis was first legalized to any capacity, banking has been a huge concern for cannabis businesses. They have operated primarily as cash businesses, which increases the likelihood of theft and break-in attempts. This creates an unsafe environment for business owners, employees, customers, and even the entire local communities at large.
Over the course of the past week, lawmakers on Capitol Hill have sought out a way to provide cannabis businesses with safer monetary policy, and they argue that this will not only create safer communities, but it will increase tax revenue as well. This banking reform amendment passed in the Senate Appropriations Committee, but still needs to be voted on by the Senate at large as well as the House of Representatives.
Companies like SingleSeed, a subsidiary of SinglePoint, Inc. (OTC: SING), are poised to benefit tremendously from such legislation. SingleSeed was among the first companies to enter the financial services market in the cannabis niche, even while bigger banks shied away in fear of regulatory agencies like the DEA.
The senators that put forward the letter to the Financial Crimes Enforcement Network or “FinCEN” are Jeffrey A. Merkley (D), Oregon, Lisa Murkowski R, Alaska, Ron Wyden (D), Oregon, Kirsten Gillibrand (D) New York, Patty Murray (D), Washington, Elizabeth Warren (D), Massachusetts, Bernard Sanders (D), Vermont, Al Franken (D), Minnesota, Angus S. King Jr. (I) Maine, and Cory A. Booker (D) of New Jersey.