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With billions in marijuana cash unbanked, Pa. leads an appeal to Congress for protections - Cannabis News

Currently about 70 percent of all American "plant touching" marijuana businesses — growers and dispensaries — reportedly lack bank accounts.

With millions of dollars in medical marjuana proceeds — all cash — being moved across Pennsylvania monthly in unmarked cars, state banking regulators have appealed to leaders in the U.S. Congress to create protections for financial institutions so that banks and credit unions might serve the state cannabis industry.

The Wolf Administration on Friday sent a letter making the request to Congress' top leaders: U.S. Reps. Paul Ryan, R.-Wis., and Nancy Pelosi, D-Ca. and U.S. Sens. Mitch McConnell, R-Ky., and Chuck Schumer, D-N.Y.

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