Public banks offer help for marijuana businesses: What can they do?
By Melissa Cartew
How Can Public Banks Change Cannabis Business?
Today in a constantly changing world, it is difficult to start a marijuana-connected business. Anything worth doing is worth doing well, which is possible with public banking system.
Public Banks Offer Help for Marijuana Businesses. What Can They Do?
Marijuana is one of the top themes that keeps its popularity during the last few decades. People keep tracking recreational and medical marijuana usage all over the country. However, the legislation changes from state to state. Today with the new president Donald Trump it is still not clear whether he supports cannabis business or not. In spite of all these unclarities, there always was, is and will be a cannabis in the USA. There are brunches, which drive the demand, like medical, educational, research or help writing papers for college for more details.
Milestones of business development
On the one hand, marijuana businesses are not the best choice of entrepreneurship due to the raw of reasons. First of all, every entrepreneur must always consult lawyers to run the business by the current legislation applicable to a certain territory. Second of all, you probably need a safe and guarded place. Third, you not always know your clients and further aims of the cannabis. Banks don’t support entrepreneurs. One of the critical questions is the payment, which is cash in most cases.
How can public banks change the situation?
One of the reasons for marijuana legalization is revenue, which can rich one billion US dollars a year in states like Oregon or Washington. This money is used for various social needs like drug abuse treatment programs, healthcare, and schools programs. Why can’t we implement financial procedures? Public bank system will ease the process not only for businesses but also for the government. The marijuana businessmen can forget about the ways of transferring and keeping cash, and this is the most obvious benefit.
States discussing public banking
Creation of such financial instructions is inevitable. Currently, such states as Los Angeles, Philadelphia, Arizona, New Mexico, and Oakland are considering the foundation of financial institutions for marijuana concerned transactions. Los Angeles city council is currently on the stage of active discussion. Probably in the nearest future, it will be possible to operate marijuana entrepreneurship via bank account like any other type of business.
Why are public banks better than cash?
A public bank is an institution the owner of which is a state or social actors. It means that a state can successfully control all the financial operations and gather all the tax revenue. For instance, Oregon is bringing $300 million while Washington is bringing $314 million of revenue. This money is essential for the development of social programs, healthcare, educational programs at school and research of the usage of medical cannabis for various purposes. Another vital issue is regulation of planting marijuana in public areas such as parks and gardens.
The bottom line
Cannabis entrepreneurship was always a profitable business. There is always a demand which brings revenue not only for an owner but also for a state. On the other hand, the laws are changing, and it is hard to predict the further development of the market.