Mounting Support for Marijuana Banking Has Widespread Implications
Although 28 states have already legalized marijuana for medicinal or recreational use, the U.S. Drug Enforcement Administration (DEA) continues to label marijuana a Schedule 1 substance, along with heroin and LSD, making it illegal on a federal level. As a result, the banking industry has been slow to provide services to marijuana businesses, forcing many of these companies to operate on a cash-only basis. A "bankable" marijuana industry, however, would have widespread implications, including for companies like Singlepoint, Inc. (OTC: SING), Terra Tech Corp. (OTCQX: TRTC), OWC Pharmaceutical Research Corp. (OTCQB: OWCP), ChineseInvestors.com, Inc. (OTCQB: CIIX). Cash transaction businesses are…