Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan.
Most Americans live in states where marijuana is legally available in some form.
But there’s a problem when it comes to banks: Most don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.
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Michael R. Blood ~ Associated Press ~
