LAS VEGAS (KTNV) — Cannabis businesses are a big part of our local economy, but business owners and consumers alike remain hamstrung by federal law making it difficult and even dangerous to handle marijuana money.
Since Nevada's marijuana business first budded over 10 years ago, 13 Investigates has been reporting on the security concerns surrounding cannabis cash, concerns that remain despite the federal government's recent announcement regarding rescheduling the drug's classification.
Congresswoman Dina Titus said while it's a good step, it doesn't go far enough for local companies and their customers.
"As more and more states enact provisions to allow either recreational or medical marijuana, it makes sense that the federal government should step up and catch up," said Titus, who has advocated for the pot industry since the first seed was planted.
As a founding member of the Cannabis Caucus, she said it's high time the feds reclassify marijuana, removing it from the strictest set of drugs--which includes heroin and LSD.
The move allows tax breaks for small businesses like dispensaries and lounges, "and it also allows more researchers to be engaged in looking at the medical advantages of marijuana," Titus explained.
But there's still something missing, as it doesn't solve the banking problem, doesn't change banking law, "doesn't change federal criminal penalties, and it doesn't legalize marijuana at the federal level."
That means banks still can't take marijuana money, leaving the industry cash-only with no ability to use checks, credit cards, or electronic banking.
Titus said the solution to that is the Safe Banking Act, another law that still needs to be passed so banks can legally service marijuana businesses.
"I believe that this regulation will help the legitimate businesses, like we have here in Nevada, and will move people away from the black market to those legitimate businesses," Titus said.
With marijuana now fully legal in half the country, Rep. Titus expects her fellow federal lawmakers to move faster on the banking efforts.
Only four states remain where marijuana is still illegal for both medical and recreational use.
