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US: Cannabis was deemed essential, yet the industry cannot bank legally

The coronavirus pandemic has exposed the hypocrisies surrounding archaic cannabis laws.

In a time of mass furloughs and layoffs, the cannabis industry has been classified as an “essential business” by over 20 states around the country and has provided non-addictive medicinal relief to patients and steady employment for Americans needing to provide for their families—not to mention, additional tax revenue for states and the federal government.

Despite this designation, the industry still does not have access to the federal banking system, forcing companies to conduct mostly cash-only transactions. Lawmakers in Florida and elsewhere have formally recognized that medical cannabis patients need to continue receiving their prescribed cannabis (especially given the uptick in anxiety and other mental health issues during the outbreak), but the federal government has failed to take the necessary steps to codify this into law. Sensible drug reform needs to be a pillar of the “new normal” architected from the current moment.

Read more at worth.com

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