Recreational marijuana is currently legal or decriminalized in 23 states plus D.C., but remains illegal on the federal level. Federal laws against marijuana are generally not enforced against users, but regulations against drug trafficking and money laundering mean marijuana operations cannot use banks or claim tax deductions in the same way regular businesses do.
The SAFER Banking Act would eliminate these regulations, allowing drug traders to use banks and raise capital like any other company.
Smart Approaches to Marijuana says the SAFER Banking Act would be the second coming of Big Tobacco.
“SAFE Banking serves one purpose: to give addiction-for-profit industries like Big Tobacco, Big Alcohol, and Big Pharma a clear path for investing massive capital in the marijuana industry,” the group says.
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