(WBNG) — There’s new legislation moving ahead in the US Senate that could provide financial resources for those looking to enter the retail cannabis business.
As the industry continues to grow throughout New York State, businesses are currently unable to work with banks as marijuana is still considered a Schedule One controlled substance by the federal government.
If passed, the Secure & Fair Enforcement Regulation, or SAFER, Act would provide cannabis business owners the same opportunities as any other business.
“What it will do is take away the stigma from the legalized cannabis industry,” said Director of Labor & Employment Law at the New York State School of Industrial and Labor Relations Esta Bigler. “It will allow banks to do business with small businesses.”
The act would not just allow cannabis businesses to deposit cash into a bank but also would provide the opportunity for entrepreneurs to take out a loan to open a retail location.
If more legal retail locations open, Bigler said more tested products will be available creating safer options for consumers.
“With the legal industry, it’s all been tested. If you’re going to go into a store wouldn’t you rather go somewhere where you’re going to get a good product,” said Bigler.
The opportunity for potential business owners to take out a loan and enter the fast-growing field is something Bigler said could potentially provide new opportunities.
“What this should do is lead to generational wealth in communities of color that have been denied that ability,” said Bigler. “That means if you have a house you can pass it on to your children. If you have a business you can bring your son or daughter into that business.”
Removing the stigma behind marijuana is something Bigler said is important as legalization is expanding across the nation.
“It is old thinking to think that cannabis is something the world should not be using,” said Bigler.
The bill has been passed by the US Senate Banking Committee but still needs to be passed by the US Senate and House of Representatives before being signed into law by President Joe Biden.
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