Vermont regulators weigh in on how SAFE Banking Act could affect cannabis industry

MONTPELIER, Vt. (WCAX) – Vermont regulators aren’t certain what sort of impression the SAFE Banking Act would have right here.

The Division of Monetary Regulation says they proceed to listen to banking for the hashish business is a hurdle for growers and retailers.

They imagine the SAFE Banking Act would supply some aid and convey extra banks to the desk for hashish companies to deposit earnings or take out a mortgage.

Vermont regulators say if it passes, there would nonetheless be a whole lot of crimson tape earlier than prices related to depositing can be clipped.

The Division of Monetary Regulation needs banks contemplating coming into the area to succeed in out.

“In the previous couple of weeks now we have already engaged two establishments that had some questions on establishing a program, so there’s curiosity on the market and we’d be prepared to proceed to work with any establishment that’s wanting to take action,” mentioned Aaron Ferenc, the deputy commissioner of the Vt. Division of Monetary Regulation.

The Vermont Hashish Management Board helps the laws however doesn’t imagine the act is a silver bullet for fixing hashish business banking. They are saying extra must be performed, like decreasing deposit-related charges earlier than extra small retailers and cultivators might get on board with banking their earnings.

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