The Cosmetics Industry A Multibillion Dollar Industry - amazonia.fiocruz.br

If approved by voters, new cannabis businesses in California will have to overcome an obstacle that has dogged the industry in 25 medical marijuana states and four recreational-use states — Colorado, Oregon, Washington, and Alaska. There simply is no safe, efficient, and legal banking.

Oregon Sen. Jeff Merkley said the current cannabis banking laws are not only outdated, but they also inhibit reliable tax collection and create a business environment prone to crime and violence. Oregon's estimated legal cannabis market is expected to bring in a half-billion dollars during its first 14 months, and Merkley said he is worried about the negative impact that poorly thought out federal banking regulations will have on cannabis employees and the community in general.

Merkley joined Washington Sen. Patty Murray to amend the financial read more bill that would allow the cannabis industry reliable and legal access to banking.

A Multibillion Dollar Industry Without a Bank

The Senate Appropriations Committee narrowly approved the amendment by a vote. The amendment has yet to pass the full Senate, which will be a difficult battle.

There are some banking options for cannabis businesses, though they are all technically illegal according to federal regulations, and there is always a chance cannabis accounts will be closed and even confiscated. One option for cannabis entrepreneurs is from holding companies or open accounts using disguised or misleading names, such as Highland Organics, Mildred's Notions and Potions, or Deduca Bros.

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Such accounts are highly uncertain because the Justice Department and the U. But even that attracts attention and creates an additional hardship on dispensaries as far as time, accounting, and exposure to robbery, according to Nate Bradley of the California Cannabis Industry Association. Just last month, a security guard was shot and killed in a suburban area of Denver. It's a very serious security issue and a public safety nightmare.

Bradley says that banks will also close the accounts of businesses indirectly associated with the cannabis industry. California Rep. Jared Huffman, who has endorsed the Adult Use of Marijuana Act, co-sponsored a bill in Congress that would allow cannabis businesses access to banking, but the bill has yet to gain traction.

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Federal support for the cannabis industry will likely come incrementally as more states legalize medical and recreational cannabis. Huffman says besides The Cosmetics Industry A Multibillion Dollar Industry, the federal government needs to seriously consider lifting other burdens on the burgeoning industry, such as restrictions on using the U. Postal Service and amending punitive IRS tax codes that don't allow cannabis businesses to write off typical business expenses. Despite the banking hardship on the cannabis industry, there is a general sense among cannabis entrepreneurs and advocates that change is coming. They are confident, according to Bradley, that it will just take time to bridge the gulf between a federal government still clinging to outdated, overreaching drug laws from the early s, and the present-day reality of https://amazonia.fiocruz.br/scdp/essay/perception-checking-examples/dr-karl-rudolf-werner-s-an-ambitious.php public support for a safe drug that is generating billions of dollars and creating thousands of jobs.

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