The total is an uptick from last year’s figures, but represents only a minority of financial institutions nationwide.
Topic: Marijuana Business
Regulators are prohibited from issuing licenses for any new medical cannabis dispensaries, processors, or commercial growers until 2026.
Tax revenues derived from licensed retail sales of adult-use cannabis products totaled approximately $3.8 billion in 2022 alone.
“The lack of accurate reporting can have impacts on medical patients controlling [their] dosage, recreational consumers expecting an effect aligned with price, and trust in the industry as a whole.”
Forty-five percent of respondents said that the marijuana industry should be less regulated than it is now.
Authors estimated that legalization will create 3,375 new jobs and will yield nearly $82 million in annual tax revenue.
The proposed rules are now subject to a public comment period, which runs until March 18, 2023.
“Higher prices and inconvenience of legal sources” are the most common barriers to purchasing legal cannabis, authors concluded.