It’s been 29 years since California became the first state to legalize marijuana for medical use and just 13 years since Colorado and Washington legalized recreational use for adults.
Since then, it has become legal in some form in 39 states and Washington D.C..
But despite being a legitimate multibillion dollar industry, marijuana is still illegal under federal law, making cannabis companies unable to use the federal banking system and reliant on cash.
Therefore, it remains challenging for businesses operating legally in their state to use the federal banking system, and they must operate primarily in cash.
Kyle Sherman, the founder and CEO of Flowhub, recently spoke with Chris Foster of Fox News Rundown about why Congress needs to update marijuana and banking laws and why working primarily in cash is terrible for both industry and the government.
Sherman also discusses the state of the marijuana business, whether it has expanded too fast in some places, and where it’s possibly going.
We often must cut interviews short during the week, but we thought you might like to hear the full interview.
Today on Fox News Rundown Extra, we will share our entire interview with Flowhub CEO Kyle Sherman, allowing you to hear more about the growing marijuana industry and its challenges going forward.
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Since then, it has become legal in some form in 39 states and Washington D.C..
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