420 with CNW – Congress Passes Coronavirus Bill With Marijuana Banking Provisions

May 19, 2020 16:20:33

Although government-issued coronavirus-related measures were designed to curb the spread of the virus, they had an unintended consequence, economic downturn. With all but the most essential businesses ordered to close during lock-downs, the economy was in a free fall. More than 20 million Americans have lost their jobs since the start of March, and the government ended up deploying a massive $2 trillion coronavirus relief bill to help people and small businesses weather the storm.

However, due to ongoing federal prohibition, businesses in the state-legal marijuana industry were denied access to these relief funds. Federal prohibition has made banking institutions avoid cannabis businesses, dooming them to cash only transactions which in current times are a big no. Advocates, stakeholders and lawmakers decried the cannabis industry’s exclusion from these funds, stating that it pays taxes just like any other business and many small businesses in the sector are facing…


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