Nevada to introduce first banking system for the cannabis industry.

KLAW Blog · July 23, 2019

Nevada to introduce the nation’s first banking system for the cannabis industry.

The dispensary businesses are targeted for burglaries and robberies for the cash they keep around to pay overhead and employees.

Motivated by their gaming sector, officials would allow marijuana businesses to deal in electronic tokens and chips.

“We really want to deal with the public safety issue. That much cash in the hands of that many people, it’s just dangerous. It’s an attractive target,” said Nevada state Treasurer Zach Conine, who pushed for the program.

Cannabis businesses operate on a cash basis due to banks and other financial institutions having refused to do business with them citing federal laws of the Schedule 1 drug.

Nevada has to make sure they get theirs and not let that cash slip through the system. Hopefully it will be used for making Nevada a better place for families and not for idiocracy.

Attorney Michael Komorn stated “The time has come for the legitimacy of cannabis and hemp industries to be accepted and allowed to operate as taxpayers and invest in the community. If you are thinking of growing hemp or starting a cannabis business you will require legal guidance…that’s what we do“.

Nevada to introduce first banking system for the cannabis industry.

Posted: July 23, 2019

Nevada officials to introduce the nation’s first banking system for the cannabis industry.

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