Underbanked cannabis industry struggles to finance double-digit growth, leaving business owners empty-handed
October 01, 2019 at 10:22 AM EDT
Though recreational use of marijuana is now legal in 33 states, most financial institutions, such as banks, will not work with the cannabis industry. This is leaving business owners scrambling for alternative financing solutions. The SAFE Banking Act, which passed the House of Representatives Sept. 25, was a milestone step toward making banking more available to the growing cannabis industry.