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Nevada Bill Would Legalize Banking System for Marijuana Industry

Cannabis Business

Senate Bill 437 is among 140 pieces of marijuana-related legislation introduced this session in Nevada. This legislation would create a banking system just for marijuana businesses. The system would allow for credit unions and charter banks to work with these businesses.

The banking system would only be for marijuana businesses, KTNV 13 News says. It’s dangerous for marijuana businesses to operate in all cash. Some business owners have secret locations where their cash is secured.

Priscilla Vilchis of Premium Produce said, “I believe that these rules and regulations are so outdated that they just have to get in tune with this new industry.”

Vilchis sees the bill as beneficial for the new banks and the marijuana industry.

She said, “They would be able to track all of the income from seed to sale; it would eliminate the black market, save us a lot of money on security.”

Because of the industry she works in, Vilchis’ personal bank accounts were closed. They saw her as a “high-risk client”. That money wasn’t even from marijuana businesses, but the bank didn’t care where it came from.

Industry regulators and business owners are hopeful that the legislation will pass all necessary steps.