Democrats were in control of both the White House and Congress, and lawmakers were busy pushing bills to expand banking access for cannabis businesses and offer pathways to expunging criminal records and increasing diversity within the industry.
But one year into a new administration and cannabis reform has largely stalled, fueling disappointment and concern that legalizing or decriminalizing marijuana at the federal level is merely a pipe dream.
“Nothing has changed and that’s really frustrating,” said Narmin Jarrous, chief development officer of the Michigan-based cannabis company Exclusive Brands. “We can always make excuses for why things don’t get done but, at the end of the day, that doesn’t help the people in prison and it doesn’t help the people who are continuously being affected by the war on drugs.”
Among those lasting effects is a lack of access to banking, which remains a major obstacle for many cannabis businesses seeking to open checking accounts or apply for loans. Large financial institutions shrink from the industry for fear of running afoul of federal law, which considers marijuana a controlled substance. [Read More @ NBC News.com]
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