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Why U.S. States Need Their Own Cannabis Industry Banks, Christoph Henkel, Randall K. Johnson
Why U.S. States Need Their Own Cannabis Industry Banks, Christoph Henkel, Randall K. Johnson
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The legal cannabis trade is the fastest growing industry in the United States. In 2019, about 48.2 million Americans used the drug at least once. As such, it is easy to see why the legal cannabis trade may generate annual revenues exceeding $30 billion in Fiscal Year 2022 alone.
One inconvenient truth, however, is that the parties to any cannabis trade may face a range of difficulties due to conflicts between federal and state laws. These difficulties include the fact that many financial institutions are reluctant to handle cannabis proceeds. One reason is that a lack of alignment in terms …