According to a new poll from the American Bankers Association, a large percent of Americans wants banks to work with marijuana companies. The survey asked two questions. Do you support or oppose allowing cannabis businesses to “access traditional banking services, like a checking account or a business loan, in states where cannabis is now legal.” 65% of respondents agree with the proposition while only 15% disagreed. The second question asked whether congress should approve of legislation that would accomplish that reform. For the second question, 68% agreed that lawmakers should act on this reform.
“Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law so banks can serve legal cannabis and cannabis-related businesses,” ABA CEO Rob Nichols said in a press release. “Doing so will help banks meet the needs of their communities while enhancing public safety, increasing the efficiency of tax collections and improving the financial transparency of the cannabis industry.”
The surveys interviewed 2,210 adults from February 18-19, with a +/- 2% margin of error.
❗❗ More evidence of the overwhelming support for #SAFEBanking.
— Rep. Ed Perlmutter (@RepPerlmutter) March 8, 2022
With both Senate Democrats and Republicans looking to pass a federal legalization bill by the end of 2022, hopes are high that federal legalization would include a banking bill. Giving banks the ability to work with cannabis companies would be a huge leap for the industry. Banks would be able to financially support these companies, boosting smaller marijuana shops and allowing credit and debit card use within. For those concerned with taxation, the government would also have an easier time collecting tax dollars from these marijuana shops.
Expect an update on this issue by the end of 2022.