As the Oklahoma medical marijuana industry continues to evolve and move forward, we see many recurring challenges other states have faced since legalizing medical marijuana. That said, in the case of the Oklahoma medical marijuana industry, the road has cleared for our benefit by other states who were previously started medical or adult-use cannabis programs.
The industry here in Oklahoma has enjoyed a great nearly a year and a half of the existence of bringing medicine to patients across the Sooner state. With that in mind, though, the Oklahoma medical marijuana industry continues to struggle with banking regulations, which are federally restricted from working with cannabis businesses. With that in mind, a credit union who formerly serviced Oklahoma medical marijuana businesses has closed nearly a dozen accounted related to the cannabis industry.
With that in mind, let us dive in and take a more in-depth look at how the Oklahoma medical marijuana sector troubles with banking.
Banks Balk at Cannabis Sector
According to MJBizDaily, a local Oklahoma credit union has halted cannabis businesses from having active bank accounts. According to the story, the credit union has decided to stop servicing nine Oklahoma medical marijuana businesses. This change can be seen as a significant setback for the young Oklahoma medical marijuana industry, which only has launched within the last two years. This is a disappointing set back for the young Oklahoma medical marijuana industry and the handful of businesses that will impact across the Sooner State.
That being said, this has been a national trend that has recurred in nearly every medical marijuana market across the country. As cannabis is descheduled and regulated at the state level, more and more banks have customers asking about their service in regards to the industry. As these accounts open, so does the opportunity for some banks to have to close down the cannabis business bank accounts. As medical marijuana businesses are restricted from using bank accounts, the effects impact Oklahoma medical marijuana patients as well. I am making it more difficult for the patients shopping at an Oklahoma medical marijuana dispensary from quickly accessing their medicine.
Oklahoma Medical Marijuana Businesses Applaud New Federal Banking Bill
Local 9 News Station reports the national news regarding banking regulations moving through CongressCongress. The House of Representatives passed new rules that would empower banks across the country to process cannabis clients. The bill will now go to the Senate, where it would need approval and the president’s signature to become official law. With that in mind, it seems the only way to open up the cannabis industry to banking access will be through the implementation of new rules at the federal level. Hopefully, as the medical marijuana trend continues to spread across the country, and we see more states create their medical marijuana regulations, it will lead to a majority of support for cannabis by our national representatives. Until this happens, though, patients will need to continue to use cash to purchase their Oklahoma medical marijuana.
Finally, as an Oklahoma medical marijuana dispensary, we hope to see changes within the world of cannabis banking. This would empower our business to operate more closely to a traditional business where they can enjoy the benefits of a bank account. This change would also help enable customers to more easily purchase their Oklahoma medical marijuana products using means other than cash. All of these changes will most likely require the federal government to pass a bill making changes to current banking regulations. Seeing even a small amount of progress forward with the introduction of a new law by CongressCongress presents an exciting horizon of change for Oklahoma medical marijuana businesses looking to use banking services.
In closing, remember our team here at The Peak Dispensary; if you ever have a question about Oklahoma medical marijuana, stop by one of our many shops, and our staff is always happy to help where we can.