With an unlikely supporter coming from Idaho, where no cannabis reform has been seen, Sen. Mike Crapo backs banking reform to allow cannabis companies to use the banking system.
This is a huge step forward for all of us. How many hoops are we all having to jump through to be able to run our businesses. Some are hording cash, some are using back door methods to get the cash into banks, others are using cryptocurrencies in part to reduce the amount of cash on hand. Now that the industry has grown as much as it has and the "Green Rush" has gained as much steam as it has, logic is finally prevailing in the minds of law-makers. The struggle of all cash businesses in the present markets are strangling the entire industry. From land purchasing to paying employees, these hurdles have been a major pain point for the cannabis space. The tides seem to have begun to turn.
Senator Crapo (R) taking a stand, going against party position could signal the shift towards a logical solution for banking. He is not only a senator but the chairman of the Senate Banking Committee. This weeks hearing was from Sen. Cory Gardner (R) of Colorado and Jeff Merkley (D) of Oregon, discussing the SAFE Banking act. Their testimony was followed by a panel with representatives of a bank, credit union, regulated cannabis business as well as one prohibitionist. This all together continued the conversation of banking for cannabis businesses down the path to a resolution.
As pioneers, we all are having to blaze a trail for those that follow. We struggle today for the freedom tomorrow. Our company, even though we do not touch the flower directly in any sort of way, have to deal with restrictions by association. There are thousands of businesses having unnecessary roadblocks from these out-dated regulations. Soon this will all be old news and we will sit around and talk about the old days. For now we need to give our support to these changes when we can and continue to trudge through these regulations. The force of our movement is no longer able to be ignored and changes should start to happen at a more rapid pace.