{"id":9330,"date":"2021-02-04T13:11:15","date_gmt":"2021-02-04T13:11:15","guid":{"rendered":"https:\/\/www.thecannabist.co\/2021\/02\/04\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions\/135168\/"},"modified":"2021-02-04T13:11:15","modified_gmt":"2021-02-04T13:11:15","slug":"cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions","status":"publish","type":"post","link":"https:\/\/cannitrol.com\/blog\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions\/","title":{"rendered":"Cannabis industry may finally move past cash as Democrats look to loosen banking restrictions"},"content":{"rendered":"<div id=\"wp_fb_like_button\" style=\"margin:5px 0 5px 5px;float:right;height:100px;\"><script src=\"http:\/\/connect.facebook.net\/en_US\/all.js#xfbml=1\"><\/script><fb:like href=\"https:\/\/cannitrol.com\/blog\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions\/\" send=\"true\" layout=\"standard\" width=\"450\" show_faces=\"false\" font=\"arial\" action=\"like\" colorscheme=\"light\"><\/fb:like><\/div><div class=\"media_block\"><a href=\"https:\/\/www.thecannabist.co\/wp-content\/uploads\/2021\/02\/GettyImages-1179074312-560x373.jpg\"><img src=\"https:\/\/cannitrol.com\/blog\/\/wp-content\/uploads\/2021\/02\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions.jpg\" class=\"media_thumbnail\"><\/a><a href=\"https:\/\/www.thecannabist.co\/wp-content\/uploads\/2021\/02\/8cc367e22308d2072a0f6a706700642c-515x400.jpg\"><img src=\"https:\/\/cannitrol.com\/blog\/\/wp-content\/uploads\/2021\/02\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions-1.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img src=\"https:\/\/cannitrol.com\/blog\/\/wp-content\/uploads\/2021\/02\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions-3.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<div class=\"row\">\n<div class=\"large-10 large-centered small-12 columns\"> <a href=\"https:\/\/www.thecannabist.co\/2021\/02\/04\/cannabis-industry-may-finally-move-past-cash-as-democrats-look-to-loosen-banking-restrictions\/135168\/#comments-anchor\"><span class=\"spot-im-replies-count\" data-post-id=\"135168\" \/><\/a><\/p>\n<p>Colorado\u2019s cannabis industry has been forced to deal primarily in cash for years due to banking restrictions that pot advocates and banking lobbyists say put shops, growers and others at risk of theft. The industry is now cautiously optimistic this year that, with Democrats in power in Washington, its eight years of trying to lift those restrictions on banks and credit unions will pay off.<\/p>\n<p>Because marijuana remains an illicit drug under federal law \u2014 and banking the proceeds of illicit drug sales is a federal crime \u2014 credit unions and banks are limited in their ability to work with cannabis companies, and take risks when doing so. As a result, the large and growing marijuana industry still remains cash-only, seven years after legalization in Colorado.<\/p>\n<p>\u201cWe\u2019ve got people who are still dealing in cash; we\u2019ve got employees still being paid in cash. It\u2019s just totally irresponsible,\u201d said Chuck Smith, CEO of the cannabis company BellRock Brands and board president at Colorado Leads, a coalition of cannabis companies in the state.<\/p>\n<p><a href=\"https:\/\/www.denverpost.com\/2021\/02\/04\/marijuana-banking-colorado-congress-cannabis-restrictions\/\">Read the rest of this story on DenverPost.com.<\/a><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><!-- .row --> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colorado\u2019s cannabis industry has been forced to deal primarily in cash for years due to banking restrictions that pot advocates and banking lobbyists say put shops, growers and others at risk of theft. The industry is now cautiously optimistic this year that, with Democrats in power in Washington, its eight years of trying to lift [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6913,5062,6811,7407,9,441,1,3,61,1736],"tags":[6914,5063,6816,7412,3015],"_links":{"self":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/9330"}],"collection":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/comments?post=9330"}],"version-history":[{"count":0,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/9330\/revisions"}],"wp:attachment":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/media?parent=9330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/categories?post=9330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/tags?post=9330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}