Pross: It’s time Congress fixed cannabis’ green problem

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Maps Credit Union Chief Risk Officer Rachel Pross penned an op-ed for The Hill Wednesday on the challenges credit unions face around cannabis banking. Pross’ op-ed closely followed her testimony on behalf of the CUNA/League system before the Senate Banking Committee earlier this week in support of HR 1595, the SAFE Banking Act.CUNA takes no position on the legalization of cannabis, but it supports credit unions’ ability to serve their members. In states where cannabis is legal for medicinal and recreational purposes, credit union members are engaged in this market but have difficulty accessing traditional banking services. The public safety risk continues to grow among credit unions and communities at large due to the lack of access to banking services.“Millions in cash is being stored in back rooms and storehouses around the country, creating a massive target for thieves. A study out of the Wharton Business School found that a typical dispensary burglar can steal up to $50,000. To put that into perspective, the average bank robber nets $7,500,” Pross wrote. “With more states legalizing cannabis in one form or another, and with the industry slated to triple by 2023, this is a rapidly growing public safety issue. But that’s not to say it can’t be fixed.”last_img