Recreational use of marijuana is legal in almost half of the country and a group of governors, including Governor Cuomo, is banding together to push legislation that will help marijuana businesses have more access to bank financing.

According To News 10, Governor Andrew Cuomo is using his political power as the chairperson of the National Governors Association to push for the SAFE Banking Act of 2021.

The National Governors Association sent a letter to a group of congressmen urging them to pass the SAFE Banking Act of 2021. The letter was sent to leaders of both political parties in both houses of Congress. In addition, the letter was sent to the leaders of the committees on Financial Services and Banking, Housing and Urban Development.

Trying to start a new business requires sound business plans and financial backing. Starting up a marijuana business comes with its own set of challenges and this new piece of legislation would make getting money to start up the business much easier. The SAFE Banking Act of 2021 will allow banks and credit unions to provide banking services to licensed marijuana businesses.

As we have seen in states that have legalized medical marijuana, the market is blowing up. Having a marijuana business will almost certainly be heading for success. Now that recreational marijuana has been approved in New York and other states, we are sure to see businesses expanding. The new legislation will open doors for business owners who would otherwise be excluded from the industry.

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Hopefully the new legislation will allow everyone an opportunity for a fair chance at business ownership.

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