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Congress Is Weighing New Banking Laws That Could Light Up the Pot Business

April 19, 2019

Via: Fortune

These are high times for the American cannabis industry. Recreational marijuana is now legalized in 10 states and the District of Columbia, and myriad products containing non-psychoactive cannabidiol (CBD)—think CBD-infused skin creams, protein bars and kombucha—have found their way to storefronts across the nation.

But when it comes to receiving the kind of banking services that most businesses take for granted, pot-related business continue to find themselves cast adrift from the mainstream. The fact that marijuana remains a Schedule I drug under U.S. law means that most banks continue to be wary of financing the cannabis industry, lest they fall afoul of federal regulations.

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