allowing banking services to dispensaries is better for both businesses and customers, taking into consideration the amount of money that is being processed on a daily, weekly, monthly, and yearly basis.
Denver, CO (PRWEB) July 19, 2014
In a recent report by ABC News, the House of Representatives voted this past Wednesday to make marijuana banking services more accessible to marijuana businesses. The approval comes in wake of successful marijuana legalization in states such as Colorado, and point out the major concern that many dispensaries have in dealing with a cash majority industry. Since marijuana is still illegal according to federal law, many banks have been apprehensive in doing business with marijuana dispensaries in fear of being convicted of money laundering, which can lead to lengthy prison terms.
In a statement from Representative Ed Perlmutter of Colorado to ABC News, "They are operating in cash, which creates its own potential for crime, robbery, assault, and battery." According to Perlmutter, besides the blatant crime, money is not being tracked properly in the public and private sectors, which is leading to tax evasion and other illegalities. Perlmutter hopes that the new approval will shine a light on the current situation, and decrease the current trend of marijuana dispensaries that deal only in cash.
Marijuana advocates like Tom Angell are bringing transparency to the new legislation in relation to the federal government. Angell told ABC News that "whereas the federal government once stood in the way of marijuana reform at every opportunity, the changing politics of this issue are such that more politicians are now working to accommodate popular state laws so that they can be implemented effectively." This frame of thought comes after many in the industry would expect the federal government to be even more malign towards marijuana legislation; however, it appears as though the opposite is true for now. The symbolic gesture of passing the marijuana vote demonstrates to many, another positive shift in public sentiment towards the future of medical cannabis.
A representative of A&A Packaging takes heed to the recent approval and noted that "allowing banking services to dispensaries is better for both businesses and customers, taking into consideration the amount of money that is being processed on a daily, weekly, monthly, and yearly basis." The representative went on to say how the legislation will help to reduce the crime associated with dealing with a cash only system, as this is a major issue facing the industry at the moment. With years of experience in the industry, A&A Packaging has worked hand in hand with dispensaries and the changing regulatory guidelines for the industry, in order to ensure that it's products are distributed with government standards.
A&A Packaging is an industry leader and wholesale supplier for the medical and recreational marijuana supplies markets. A&A's packaging products have all been tested and certified to the child resistancy standards of the CSPC and ASTM. They offer an array of product lines and brand names in the wholesale dispensary and smokeshop markets .To learn more about how A&A Packaging can assist with the growth of your collective business, call (888) 315-2453 or visit their website at http://www.marijuanapackaging.com.
For additional information on this report by the ABC News, visit the article published on 7/16/2014: http://abcnews.go.com/Health/wireStory/house-supports-easier-marijuana-related-banking-24588337