America’s state legal cannabis industry has been dubbed one of the fastest-growing industries in the country, but its federal classification has been a constant hindrance. While more than 30 states allow either medical or recreational cannabis, the federal government still classifies marijuana as a Schedule I controlled substance. Consequently, banks and financial institutions do not transact with businesses in the cannabis space, and, in many cases, they won’t even work with businesses that are indirectly connected to cannabis.
In the wake of the coronavirus pandemic and the resultant financial crisis, a group of senators has urged the federal government to grant cannabis firms access to financial aid. In a letter sent to the Appropriations Committee leaders, 10 senators have asked that language allowing cannabis firms to access financial aid…
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