Nevada bill looks to license banks for marijuana industry

[TexasTowelie]

CARSON CITY — A new Nevada bill seeks to create a process for licensing banks and credit unions that would serve marijuana dispensaries.

The legislation filed Monday says it aims to provide those dispensaries with a "safe and efficient way" to invest in the economy and pay taxes.

The measure asserts that most marijuana businesses are forced to operate almost entirely in cash because banks are reluctant to serve them as customers. It says the reluctance stems from marijuana still being illegal under federal law.

Accounts from the licensed banks and credit unions under the bill would not be required to be insured by the Federal Deposit Insurance Corporation.

Read more: https://lasvegassun.com/news/2019/mar/25/nevada-bill-looks-to-license-banks-for-marijuana-i/

[philf99]

1. Give Nevada Credit Again

Back in the day when legalized gambling was still in its infancy, a banker realized that if you are a legal business our bank will do business with you. The banker was E. Perry Thomas and the bank was the Bank of Las Vegas (later merged and changed its name to Valley Bank of Nevada).

Makes no sense for the legal dispensaries to hold all that marijuana and cash. Time to invest it in the community