In a quick TV interview, California Cannabis Awards’ Accountant of the Year Sonia Luna offered insights on cannabis companies’ unique banking challenges, such as inadequate access. Her discussion also included:
- The effect of cash transactions on taxes,
- Long-term solutions to help cannabis companies
Other alternatives to banking
Several cities, including San Francisco, have considered opening their own banks to help cannabis businesses. However, according to Luna, it's possibly just a short-term solution.
Regarding cryptocurrency as an alternative to banking, meanwhile, Luna said that it involves a lot of technology and, at the same time, risks.
When it comes to a long-term solution to the cannabis banking problem, Luna stressed that the best strategy would be to remove marijuana as a Schedule
She also said that interstate banking would help the nation be competitive not just domestically, but also internationally.
This summer, a bipartisan bill sponsored by Elizabeth Warren (D-MA) and Corey Gardner (R-CO) has the best traction to be approved. It has a provision that allows banks to serve the cannabis industry without penalty.
The latest TV interview with both Warren and Gardner clearly demonstrates that there is a great hope for the cannabis industry in Washington D.C.
If you want to learn more about California cannabis laws and cannabis tax strategies and get a free cannabis accounting analysis with Sonia Luna, schedule a consultation with us here.
You may also download our Enterprise Resource Planning selection checklist to help you choose the best cannabis software for your business.