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US: Legal cannabis industry hopes Senate reforms laws

Cannabis growers and industry supporters are lobbying Senators to support the SAFE Banking bill. (Photo: 123RF)

Washington. Representatives on Capitol Hill are calling on the US Senate to pass legislation to ease access to funding for the legal cannabis trade in that country.

Cannabis growers and industry supporters are lobbying Senators to support the Safe Banking Bill, which will give players in the sector long-awaited access to legitimate financial services without fear of lawsuits.

Senator Jeff Merkley, Democrat of Oregon, recalled that retailers in states where cannabis is legal in one form or another can only accept cash payments.

He argues that these cash transactions expose merchants to problems such as money laundering, tax evasion, theft and robbery.

Senator Merkley told a story about an Oregon businessman who had to pay quarterly taxes with $70,000 in cash in his backpack.

Canadian companies would also like to see financial regulations relaxed in the United States, a country where the booming cannabis market could top $40 billion by 2030.

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