Marijuana reforms over the years have been plagued by the conflict that exists between the federal and state governments. Even though a number of states have succeeded in coming up with their own marijuana laws, there are some issues that the federal government has remained to be supreme and the states can do nothing to reverse its law. One of these areas is in the issue of banking. As it stands right now in the United States, marijuana businesses cannot participate in the financial banking system of the nation. This has left marijuana dealers in weed-friendly states to operate in a cash-based system. Cannabis dealers in Oregon are not an exception. However, all hope is not lost and there is still continuing debate on how marijuana businesses can be allowed to operate bank accounts. Well, residents in Oregon believe that there is no problem with banks operating accounts for cannabis clients. They believe that banks in the state can enhance their reputation by serving marijuana clients.
A survey conducted by Portland-based LT public relations together with DHM Research shows that financial organization could have a much better public standing if they chose to provide financial services to businesses involved in the cannabis industry. Most of the banks operating nationwide and in Oregon too do not accept marijuana clients. They argue that it will hurt their reputation to provide services to weed companies that breach the federal laws and regulations. For the banks, serving cannabis companies could land them and other financial organizations in legal issues with regulators.
Well, 87% of the 800 participants who took part in the research said that they would not have any problems with their bank if it helped marijuana clients with their banking needs. Reports from Entrepreneur.com said that Oregonians did not find any issues with banks offering to help weed clients to bank their money. Actually, 44% of the respondents that took part in the study would have an enhanced perception of their bank if it allowed marijuana clients to open accounts with them. Even though 12% of the participants said that they would have a negative perception of their bank if it offered services to cannabis-related business, the support was overwhelmingly great. Bank clients were also more likely to have negative perceptions of banks that worked with pharmaceutical companies, oil companies, big box stores and tobacco companies. Among participants aged 35 years or younger, 88% said that they held positive perceptions of the cannabis industry whereas 62% claimed that they would find their banks more favorable if it worked with the cannabis industry than one that did not.
The weed industry has gone through a lot of transition and apparently, a lot is expected in all weed-friendly states with others expected to join very soon. Trading in cash in an industry that is transacting billions of dollars can be quite tricky. However, this is something that the weed industry has been forced to live with. The federal government continues to perpetuate its harsh stands on cannabis and life has been very difficult for marijuana dealers when it comes to banking their money. Research shows that many people across the United States welcome the idea of marijuana decriminalization but the national government is still adamant to relax its stand. Marijuana delivery services are becoming more popular than conventional pharmaceutical companies and maybe, it is time that the federal government changed its laws to favor this industry. Medical marijuana patients have found great solutions to treat their health conditions as they found cannabis more effective and user-friendly than conventional prescription drugs. Will the federal government give in to this pressure to allow marijuana businesses operate in the banking system? We can only wait and see.