Without access to South Dakota banks, future marijuana businesses could only use cash

A bill that would allow future marijuana shops and hemp businesses to use South Dakota banks will move forward to the House floor after a unanimous vote of approval by the House Commerce & Energy Committee.

House Bill 1203 lays proactive groundwork for banks and their subsidiaries to work with any person that acquires an industrial hemp or marijuana license, pending legalization at the state level.

Without a bill of this kind, those involved in the cannabis industries would only be able to carry out business transactions in cash, because marijuana is considered an illegal business at the federal level.