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Mounting Support for Marijuana Banking Has Widespread Implications

Although 28 states have already legalized marijuana for medicinal or recreational use, the U.S. Drug Enforcement Administration (DEA) continues to label marijuana a Schedule 1 substance, along with heroin and LSD, making it illegal on a federal level. As a result, the banking industry has been slow to provide services to marijuana businesses, forcing many of these companies to operate on a cash-only basis. A "bankable" marijuana industry, however, would have widespread implications, including for companies like Singlepoint, Inc. SING, +18.10% Terra Tech Corp. (otcqx:TRTC), OWC Pharmaceutical Research Corp. (otcqb:OWCP), ChineseInvestors.com, Inc. (otcqb:CIIX).

Cash transaction businesses are a tempting target for thieves, and the lack of oversight at times leads to lost tax revenue. It's a situation that Senator Elizabeth Warren, a member of the Senate Banking Committee, is anxious to change. As the Associated Press initially reported, Warren and nine other senators have called upon the Financial Crimes Enforcement Network to issue new and stronger guidance allowing banks to provide services to marijuana shop vendors. The moves are a significant encouragement to payment processors supporting the cannabis industry, as well as other industry players.

One of the supporters is Singlepoint, Inc. SING, +18.10% , a mobile technology and payments provider, which, through its "SingleSeed" Payments subsidiary, provides payment solutions for the cannabis industry. Its mobile marketing and payment solutions include cashless ATM, Pay-by-Text™ and text message marketing. The company is strongly encouraged by the efforts of Senator Warren and others on Capitol Hill, and the significant positive changes they could bring.


http://www.marketwatch.com/story/mounting-support-for-marijuana-banking-has-widespread-implications-2017-01-18

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