Now More Than Ever, Local Communities Need Cannabis Banking

Change and the discomfort that often accompanies it is inevitable, and it is difficult to remember a recent time that has brought as many changes as the world has experienced in 2020. As of this writing, our society is reeling from the effects of COVID-19 as well as nationwide protests spurred by the killing of George Floyd (and many others). Mr. Floyd’s death underscored the racial and economic disparity that continues to exist within our society as well as the cannabis industry, but more and more people are engaging in conversations that may offer new solutions to some of our most persistent problems. While these solutions may be homegrown, they need community backing to take hold and make a lasting difference, and local financial institutions are well-positioned to do their part in support of these grassroots efforts by providing financial services to local cannabis-related businesses (“CRBs”).

The cannabis industry has long been tied to social justice, and although efforts to repair the damage done to communities that have been disproportionately affected by failed drug policy through marijuana legalization have begun, they have a long way to go before they can be considered successful. The protests and renewed calls for … Keep reading

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