Last month, FinCEN counted a total of 411 U.S. banks and credit unions operating accounts for cannabis businesses; a 20% increase since last year. The number of new cannabis businesses took a dive after AG Jeff Sessions revoked the Obama-era guidance on cannabis legalization, but now it looks like businesses in this industry are once again beginning to sprout.
The importance of this development lay in the possibility that such moves signals mainstreaming acceptance of cannabis as a legitimate industry. This increases not only convenience but profitability to other sectors of the economy (particularly the banking sector). It also reflects the changing sentiment on cannabis from public, commercial, and regulatory perspectives.
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