Traditional banks generally refuse to work with cannabis businesses because marijuana is still federally illegal, and they can face fines if they do. jcrawfordtv explains a new bill in Congress trying to change that.
The SAFE Banking Act would give cannabis businesses access to traditional banking services.
Denver7 has spoken with owners of local cannabis businesses about challenges they've faced in the banking industry. Supporters of the SAFE Banking Act say the cash-only model can make dispensaries targets for robberies. In Thursday's hearing, Ademola Oyefeso, UFCW Director of Legislative and Political Action, said that some banks in the country also refuse to serve cannabis employees.
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