Marijuana sales in the U.S are shooting over the roof. In 2017 alone, sales were approximately $9 billion. This beat whiskey sales of $3.4 billion. Marijuana sales are projected to hit $11 billion by the end of 2018 and $21 billion in the year 2021.The marijuana industry is a booming business, with an employee base in tunes of hundreds of thousands. Many families depend on this market for income. Cash liquidity is immense and cash exchanges hands at a rapid rate.
Several states have regulated the marijuana market to prevent the establishment of cartels and deliberate abuse of the commodity. Despite the ability of this market to generate cash at a fast pace, businesses and individuals lack access to banking facilities. Individuals move around with cash or stack them in their houses. Not only does this pose a danger to their security, but also predisposes individuals to black market activities, skimming, and tax evasion. Just recently in Aurora, a security guard by the name Travis Mason, stopped a bullet and died after an attempted robbery Marijuana dealers lack access to cheques, debit and credit cards, payroll services and other credit facilities.
A move by voters in some states to allow for partial legislation of bhang has been successful in 29 states. These 29 states allow the use of marijuana for medical purposes. Nine of those 29 states also accept recreational marijuana. Legal Cannabidiol (CBD) is currently approved in 45 other states. Having access to marijuana still initiates the need to deposit cash from the business. The Congress is being urged to pass legislation on the SAFE Banking Act, to promote public safety and state rights.