Getting Banks On Board With CBD Oil Sales

The likelihood of banks being able to do business with cannabis companies is increasing. There is a continual push for the easing of legislation that will enable banks to work together with cannabis companies without risk of federal action.

But what is the craze with CBD oil and how are banks getting this right?

What’s The Fuss With CBD Oil?

Otherwise known as Cannabidiol, CBD oil is a compound that originates from the cannabis plant. There appear to be some great therapeutic uses of CBD oil such as natural pain relief as well as anti-inflammatory properties. In addition to this, preliminary studies are also linking the use of CBD oil for the treatment of addiction disorders. Coupled with this, how CBD’s oil is being consumed is also becoming more exciting with CBD dietary consumption options becoming increasingly available. With all the buzz and excitement that lies behind CBD oil, the challenge lies in the legislation behind Cannabis.

Cannabis Businesses Have Been Robbed

The challenge is that U.S. companies have not been able to open bank accounts to raise the much-needed funds to grow their businesses. Many distributors have even been forced to hire security companies to look after their finances. Ryan Donovan, the chief advocacy officer for the Credit Union National Association (CUNA), says that one out of every two cannabis businesses has been robbed. The truth is that credit unions require safety in the form of state exemption to be able to go into business with CBD oil distributors.

Banking Acts That Promise Change

Luckily, the tide is beginning to turn with some exciting forward movement. The National Association of State Treasurers has recently adopted a resolution which is good news for CBD oil companies. The resolution calls for “common-sense federal laws and regulations” for companies in all states that have legalized cannabis. This resolution will apply for medical or recreational sales by companies that deal with large amounts of cash.

Even more encouraging is the introduction of an act that will protect banks from any liability or prosecution while doing business with cannabis distributors. The Secure and Fair Enforcement (SAFE) Banking Act is endorsed by the banking sector, the National Association of Attorneys General, as well as the U.S. Treasury Secretary Steven Mnuchin. Also, the Tenth Amendment Through Entrusting States (STATES) Act is gaining momentum. This act gives individual states the authority to decide how they would like to approach cannabis legalization for their particular state. This will give each state the freedom to create safe trading environments as well as the right to decriminalize CBD oil.

The Rise of CBD Oil Sales

The use of Cannabis is on the rise in the U.S. with over 20% of the population between the ages of 18 to 25 confirming to have used cannabis over the last month. According to a Gallop poll, 66% of Americans support the legalization of recreational marijuana. Americans are seeing the benefit of CBD oil. Scalar infused CBD oil is one example of this and carries many benefits that help combat conditions such as anxiety, depression, and even Parkinson’s Disease.

Cannabis Banking Can Be Conducted Safely

Rachel Pross, chief risk officer at Maps Credit Union in Salem, argues that Cannabis banking can be conducted safely and effectively. Maps take the approach of collecting extensive records as well as conducting criminal checks on all account signatories. They file quarterly suspicious-activity reports on any account that may be suspected to have engaged in illegal activities

The proof is that there is growing public support for cannabis. Most of the states that have legalized cannabis have done this through the ballot system. This makes it a fair and democratic process. The onus now lies on the lawmakers to draft the legislation that is needed to protect the public interest. Many CBD oil companies are set to flourish by helping more and more Americans to access CBD oil products for their health. Miracle balance is an example of such a company. Our all-natural pure hemp Scalar Oil is providing many health benefits to those who need it the most. Cannabis legalization is an issue that is gaining momentum. With banks being able to enter is protected relationships with companies such as ourselves, there’s no turning back on the exciting future of CBD oil.