banking

Taking It to the Bank: The Need for Legal Cannabis Banking

Taking It to the Bank: The Need for Legal Cannabis Banking

Legal cannabis (also referred to as “marijuana”) is one of the fastest growing industries in the United States. California became the first site of the United States modern legal cannabis market in 1996 when it legalized marijuana for medicinal purposes. Fast forward to 2020, more than half of the states have legalized marijuana for medicinal purposes, and eleven states and the District of Columbia have legalized recreational use of marijuana for adults. A recent Gallup survey conducted in October 2019 found that 66% of Americans currently support legalization of marijuana and that support crosses party lines and is unlikely to stall as cannabis becomes more normalized in American society.