The United States banking industry has been in the news for the past couple of months, and there is no sign of progress from the U.S. banks in terms of digitization of the financial and banking sector, which is essential to the future of good banking in the United States. The legalization of cannabis and the regulation related issues are mostly due to the banks currently, and banks are the only thing that is stopping the growth of the cannabis industry in the United States.
The cannabis industry needs a reliable banking and payments portal for its regulation, but this has become a very hard affair to get such a portal in the United States for the cannabis industry. This has caused the regulation of cannabis to be delayed and is costing the industry a lot in terms of the deficit, and the more delay will just increase the amount we keep losing in the industry. Cannabis must be approved in a number of states, and so is a legitimate business but the limited access to the financial services is due to the U.S. banks that are disinterested in supporting the cannabis space, forcing these legitimate businesses to either use any way possible to access the U.S. financial system, this is hitting the industry hard. And if this continues, the industry will never flourish the way it is supposed to.
As these concerns rise by the day, we are expecting the government to push the SAFE banking act that it has launched, and this might just help the cannabis to get the market it wants.
Tags : Cannabis, Sector, Banking, Industry,