Marijuana cannabis has gained quite a bit of spotlight in recent times. Some states have legalized the drug for medical marijuana. While other states legalized for both medical and recreational use. The marijuana industry is in a period of growth. As the growth occurs the industry gets more profitable. As the industry becomes more profitable, it produces more money. In the past, the financial industry had hesitated to accept medical marijuana delivery businesses, dispensaries and others in the industry. However, things have changed in recent times. As states like Colorado and Washington have legalized Pot, more laws and regulations are being made to accommodate the industry. Banks are now able to keep accounts for marijuana businesses without any fear of prosecution.
Financial Sector Opened up to Medical Marijuana Delivery Businesses
The legal marijuana suppliers, sellers, dispensaries and the like are able to freely use banking services. The Director for the National Cannabis Industry Association Aaron Smith made a statement on the move. Smith said “this is a huge victory for our members, our communities, and the banks that take this opportunity to serve a thriving new market”. And huge it is. In Colorado alone, the state received about $53 million in sales tax collected from marijuana. This was in the first year that marijuana was made legal in Colorado. In addition to that Colorado has made $2.35 million for schools from marijuana sales. This just shows how big and profitable the industry is becoming. As cannabis drug become legal in more locations the industry will continue to boom.
This boom will mean an increase in medical marijuana delivery businesses, dispensaries and suppliers. And other support businesses will arise. Based on how profitable the businesses have been there will be a lot of revenue coming in. This cash needs to be in a secure place. Now that banks can offer their services to the industry the business owners will not have to worry about saving their revenue securely. Being able to bank their earnings will also help to open up more investment opportunities for the marijuana business owners.
Aaron Smith also said “no legitimate business should be forced to manage its payroll, taxes, utility bills, and licensing fees entirely in cash.” And nothing is truer. These businesses should have equal avenues available to them as other businesses that are contributing to the economy. And banks should not have to worry that they are in the wrong.
More Medical Marijuana Delivery Benefits to Come
This is just the beginning. Banks being opened up to the industry is only in the first phase. As the marijuana industry grows more and more opportunities will open up. Cannabis news is in the headlines. And more of this news is positive for the industry.