Banking services for cannabis dispensaries in Missouri are limited due to marijuana being illegal on the federal level.
Jack Cardetti with the trade group MoCannTrade hopes Congress will pass legislation that would prevent banks from being penalized by the feds for doing business with cannabis dispensaries.
“There is legislation in Congress right now called the Safe Banking Act that would really allow for this,” Cardetti said.
Last year, Governor Mike Parson signed a new law that allows the Department of Health and Senior Services to share financial information from marijuana businesses with banking institutions.
Most dispensaries in Missouri are cash only. Some will accept debit cards but not credit cards due to federal regulations. Cardetti said the Safe Banking Act would also allow marijuana businesses to be taxed at the same rates as other businesses.
“Right now, at the federal level, you basically are paying taxes on your gross receipts and gross revenues,” he said. “Every other small business around the country is paying taxes on their net revenues because they’re not able to deduct the cost of the wholesale products because it’s federally illegal.”
Cannabis businesses in Missouri can open accounts with state-chartered banks.
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