Tuesday, February 20, 2024

Majority Of Americans Support Cannabis Businesses Engaging With Traditional Banking

68% of respondents agreed that new legislation should be approved to guarantee the access of cannabis firms to traditional banking.

By Nicolas Jose Rodriguez

According to a poll released Tuesday by the American Bankers Association (ABA), 65% of respondents said they favor allowing cannabis businesses to “access traditional banking services, like a checking account or business loan, in states where cannabis is now legal.” Only 15% of the respondents were against the policy, reported Marijuana Moment.

In addition, the survey, conducted by Morning Consult, asked about whether Congress should approve legislation that would accomplish that reform.

cannabis money banking
Photo by mekcar/Getty Images

RELATED: Sixth Time The Charm? Marijuana Banking Bill Sponsor Optimistic About Senate Approval

Sixty-eight percent of respondents agreed that new legislation should be approved to guarantee the access of cannabis firms to traditional banking.

“Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law so banks can serve legal cannabis and cannabis-related businesses,” ABA CEO Rob Nichols said in a press release. “Doing so will help banks meet the needs of their communities while enhancing public safety, increasing the efficiency of tax collections, and improving the financial transparency of the cannabis industry.”

RELATED: Financial Regulator Calls Lack Of Banking Access In Cannabis A Serious Market Failure

The survey involved interviews with 2,210 adults from February 18-19, with a +/- 2 percent margin of error. “The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region,” reported ABA.

This article originally appeared on Benzinga and has been reposted with permission.

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