Expert Says Marijuana Industry Needs to Go Cashless
By Green Bits
The marijuana industry in the United States is growing and expanding every day. But there's one issue that continues:banking. Since marijuana is still illegal at the federal level, many banks refuse to work with cannabis companies out of fear of investigations or crackdowns by the Department of Justice. Now an expert is speaking out and demanding thatCongressfix this.
Charlie Wilson is the Chief Revenue Officer for Green Bits, a platform that helps ensure marijuana businesses are compliant with regulations. Inan op-ed for The Hill, Wilson argued that it's time for marijuana industry to go cashless and asked for Congress to relax restrictions on banks from dealing with cannabis companies.
Wilson made three major arguments in support of his opinion. One is that operating as a cash business is less safe and means marijuana businesses are often the target of robberies. Second, he noted that cash-only businesses are actually harder to regulate at both the state and federal level. And third he said that cash-only is inconvenient to customers, particularly in the 21st century where people often don't carry cash on them as they did in the past.