WASHINGTON, DC — The total number of financial institutions willing to work directly with state-licensed cannabis business continues to grow, according to quarterly data provided by the US Treasury Department and first reported by MarijuanaMoment.net.
Since the close of last year, the number of banks actively servicing marijuana businesses increased over 10 percent. The total number of credit unions servicing the industry rose by nearly 20 percent.
Federal law discourages banks and other financial institutions from maintaining relationships with marijuana businesses because the plant remains classified as a Schedule I controlled substance.
In February, NORML submitted testimony to Congress in support of legislation to amend federal law in a manner that facilitates relations between the cannabis businesses and the banking industry.