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38 Attorneys General Urge Congress to allow Banks to accept Cannabis Sales Revenue

Z-ARCHIVE-Cannabis Patent Forecast®

May 20, 2019

38 Attorneys General of US States and territories have urged congress to allow banks to accept money generated from the sales of legal cannabis in an effort to bring cannabis finances into a clearer area of regulation. Currently, most cannabis transactions occur by cash since banks are afraid of dealing with the still federally illegal plant. Accordingly, cannabis dispensary owners hire armed guards and use armored vehicles to protect their green. Cannabis innovators have responded to this financial uncertainty by creating cannabis cryptocurrencies such as PotCoin, DopeCoin, and CannabisCoin which are specifically used for cannabis transactions. Including cannabis in the banking system will assist in tracking transactions and sales for accurate taxation as well as provide security for the dispensary owners since they will be dealing with less cash. Banks need the legal go ahead to start accepting the money, so that they do not have fears of the government confiscating sale money.

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