Medical marijuana is legal in the State of Arizona. Those same marijuana dispensaries should have access to the banking systems that are connected to them so that the state should not only be able to enjoy the tax flow that will come from those dispensaries, but so that the business can act like a business.
The Federal Government still classifies marijuana as an illegal substance which makes it illegal for banks to provide services to state-licensed marijuana businesses. Those parties can still be criminally charged for the actions. This restriction prevents the banks from providing these legally sanctioned businesses with the financial services they need to operate.
Medical marijuana was passed in November of 2010 and the problems surrounding their financial viability are still an issue nine years later. With greater banking transparency and accountability the medical marijuana industry would be better regulated and the cash flow from their commerce could not only be utilized by the state, but it can be better used by the businesses serving the people.
In Arizona, the medical marijuana sales generated more than $8.3 billion in sales in 2017 and the growth is expected to more than double to $25 billion by 2025. The banking industry is not currently allowed to be a part in assisting these industries in their operations which makes in more difficult to track the revenue flow for taxation purposes and protect the businesses because businesses that generate a lot of cash are often targeted by criminals. The businesses are forced to act in only cash transactions right now which makes the likelihood of their getting targeted greater.
The attorney general is pushing for better banking regulations and the Federal Government support for this growing industry and doing so would provide more safeguards for the businesses and the people who need to utilize them.