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Hashish business could lastly transfer previous money as Democrats look to loosen banking restrictions – The Cannabist

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Colorado’s hashish business has been pressured to deal primarily in money for years resulting from banking restrictions that pot advocates and banking lobbyists say put outlets, growers and others vulnerable to theft. The business is now cautiously optimistic this yr that, with Democrats in energy in Washington, its eight years of attempting to carry these restrictions on banks and credit score unions will repay.

As a result of marijuana stays a bootleg drug beneath federal legislation — and banking the proceeds of illicit drug gross sales is a federal crime — credit score unions and banks are restricted of their capability to work with hashish firms, and take dangers when doing so. In consequence, the big and rising marijuana business nonetheless stays cash-only, seven years after legalization in Colorado.

“We’ve obtained people who find themselves nonetheless dealing in money; we’ve obtained workers nonetheless being paid in money. It’s simply completely irresponsible,” stated Chuck Smith, CEO of the hashish firm BellRock Manufacturers and board president at Colorado Leads, a coalition of hashish firms within the state.

Read the rest of this story on DenverPost.com.