If you have been keeping track of the speed at which marijuana is breaking through barriers to legalization, 2 major breakthroughs have just occured on the Federal level. Obama’s administration first took huge step by permitting and the legalization of growing industrial hemp in the states that how have legalized marijuana and the other being allowing banks to service and loan money to legal marijuana operations.
First with Industrial Hemp, this has been seen as a big step forward because, even though hemp is legal to purchase in the states, it was not yet legal to grow because of the reputation of it’s cousin..marijuana. Prior to this bill passing it was estimated that industrial hemp sales exceeded 500 million, just think what is possible now.
More on legalization of Industrial Hemp
The recent legalization of marijuana in Colorado and Washington where State victories, just still in violation of federal law. However, a huge turning point may have just occured as the fed just provided a stamp of approval on a federal level by making it legal for banks to provide financial services to marijuana-related businesses.
This removes what had previously been the largest impediment to the growth of legal medical and now recreational marijuana businesses. This is another example of long standing social and legal norms starting to change and pick up speed as popular opinion shifts and the politicians trying to keep up.
More on Banks Loosening up Banking Restrictions for Marijuana Business:
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