It’s completely legal to try cannabis instead of opioid pain relief medication in 30 states. In 8 of those states it’s also perfectly acceptable to purchase a cannabis-infused chocolate truffle. Even President Trump recently said cannabis laws should be a state’s decision. So why is it still so hard to start a cannabis business?
The answer comes from a maze of state-specific regulations that are still changing, and a fundamental conflict between state and federal law. Until a national law is signed making cannabis legal, it is removed from the list of Schedule I substances, and states agree to a set of best practices around cannabis regulation, these problems will persist.
Banking and access to capital has always been one of the biggest challenges to cannabis start-ups. Cannabis is a Schedule I substance according to the federal government, akin to heroin, and so any bank that