Leafly reports that the $3 trillion coronavirus relief package released by House Democrats earlier this week includes banking reforms that could benefit the cannabis industry. Known as the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act), it is the fifth proposed coronavirus relief bill to be drafted since the beginning of the pandemic. Provisions in the bill would allow cannabis companies to be eligible for federal relief funding and remove restrictions preventing banks and other financial service companies from working with state-legal cannabis companies. This would be a major shot in the arm for the industry and could be a steppingstone towards eliminating what remains of the stigmas surrounding the use of cannabis.
Cannabis companies have been denied relief and access to banking services due to the status of marijuana as a Schedule I drug.
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