As many medical cannabis collectives are painfully aware, federal raids have chilled the banking industry serving medical cannabis collectives with threatened federal action against banking institutions. Over the past few years, this chilling effect has caused banking institutions to both close existing collective’s accounts and refuse to open new accounts for collectives. Collectives, just as any small business, need to pay bills including state taxes, and therefore this disruption in
service has made it difficult for some collectives to operate. As the political climate moves towards federal legalization of cannabis, new legislation was introduced this week to resolve conflicts between state and federal laws and allow collectives access to banking services. For more information and to support the legislation, visit NORML’s website:
CANNABIS PATIENT RESOURCE
CPR is a blog hosted by CBD Professionals. CPR's aim is to help qualified medical cannabis patients keep abreast of the latest information on California's rapidly changing laws impacting patients' legal rights.