We applaud the U.S. House of Representatives for voting to approve cannabis banking bill. Because of the lack of access to financial services, cannabis businesses are being forced to operate on a cash basis which only increases risk for theft and other crimes.
This in turn leads to higher premiums for insurance that cannabis-related businesses desperately need to protect against crop loss, product liability and other business issues. While these types of insurance policies are considered ‘part of the table setting’ in other industries, they remain inaccessible and unaffordable in the cannabis space.
We must continue to work to find solutions to challenges that stand in the way of success for cannabis businesses ~ and this bill is a step in the right direction.