Alaska’s two Republican senators are part of a group of lawmakers seeking to protect banks that serve the marijuana industry from federal penalties in an effort to shield dispensaries from fraud and violent crime.
Cannabis sales associates and customers at Raspberry Roots, an Anchorage cannabis retail store, photographed on Thursday, March 19, 2020.
Because they lack banking access, most cannabis businesses here conduct transactions in cash. Supporters of the legislation say that leaves them vulnerable to robberies and violent crime and creates burdens for the marijuana industry, the state and consumers.was reintroduced in the Senate last week by Democratic Sen. Jeff Merkley of Oregon and Republican Sen. Steve Daines of Montana. Democratic Rep. Earl Blumenauer of Oregon and Republican Rep.
Currently, most Alaska cannabis businesses must deliver their state marijuana taxes to a drop box in Anchorage in cash every month — meaning some Alaska marijuana businesses are “driving or flying thousands of dollars,” according to attorney Jana Weltzin of JDW Counsel, which works with the marijuana industry.
“Its kinda like I kept getting ready for Christmas, and then like Christmas not happening over and over again,” Weltzin said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How to keep your business deposit cash safe during a banking crisisThe regional banking crisis has led many business owners to rethink account relationships and risks, but making too many changes can be costly and unnecessary.
Read more »
Reactions: US regional banks fall as FRC failure shakes faith in banking sector recoveryShares of major U.S. regional banks fell further on Tuesday in the aftermath of the collapse of First Republic Bank , the largest U.S. bank failure since the 2008 financial crisis.
Read more »
Are homeseller and buyer escrow accounts safe at local banks?With regional banks in trouble, the money waiting to complete local home sales could be under-insured.
Read more »
US Senate Banking Committee announces May 18 hearing on State of the banking and credit union industryUS Senate Banking Committee announces May 18 hearing on State of the banking and credit union industry – by anilpanchal7 UnitedStates Banks RiskAversion NewsTrading
Read more »
Jim Bianco: Banking turbulence won't change Fed's rate-hike plansThe Fed is focused on inflation and the banking jitters won't stall its interest-rate increases, Jim Bianco says
Read more »
EUR/USD bulls approach 1.1055 even as banking woes, mixed inflation prod Fed, ECB hawksEUR/USD cheers broad US Dollar weakness as it prepares for the key Federal Open Market Committee (FOMC) monetary policy meeting announcements early We
Read more »