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When establishing a cannabis business in a state that has passed medical and/or recreational cannabis legislation, or expanding an existing business to operate in that industry, business owners and investors need assurances of financial security and protection. While federal lawmakers have made some progress in this area, financial security in the legal cannabis food and beverage industry is still not airtight.
Historically, banks have refused to accept deposits from known cannabis businesses. However, now that cannabis is legal in some form in the majority of U.S. states, the playing field has changed, and federal legislators are seeking to update their stance on financial protection of legitimate cannabis businesses.