Practically overnight, the COVID-19 pandemic achieved for cannabis what decades of lobbying and lawmaking have not: legitimacy as an essential business sector.
Many in the industry were hopeful they also could attain something else sought for decades—access to banking services. But now that Senate Republicans and the President have publicly opposed the U.S. House’s HEROES Act, there’s little chance stakeholders will see these benefits soon.
And that means the cannabis industry–an essential business sector and an important part of the nation’s economic recovery–will continue to face an uneven playing field that will keep it from its full potential. Perhaps more troubling, though, is that the industry will have to continue to rely on cash transactions even though those exchanges can involve COVID-19 contamination.
What you need to know about the HEROES Act
On May 12, the U.S. House of Representatives introduced the fifth stimulus proposal in response to the ongoing crisis, producing an expansive $3…