Medical and recreational marijuana has been opening spaces in several countries of the world and, more recently, in the United States. However, it seems that the regulatory frameworks in the great world power are not clear and there has been a discussion between a member of the American Congress and the central bank of this country, known as the Fed or Federal Reserve System. In a hearing that lasted for two days, the president of the Federal Reserve gave his opinion on various issues before the United States Congress, due to changes in the political and economic scenario since he took office in 2018. One of the issues discussed was the legal vacuum for authorized cannabis companies to operate with banks.
Background: marijuana in the United States and its legal status
The issue of Cannabis has become a headache for the American government. Its structure of independent political-administrative divisions makes regulatory frameworks complex, especially for such controversial issues as marijuana. According to the Business Insider analysis, Cannabis continues to make its way in the North American country. Although at the Federal level it is still illegal in the USA. In the US, many states have put to work to legalize their medicinal and even recreational use – the latter with more recent additions. Of the 50 states that make up the US territory, 33 have accepted the medicinal use of this psychotropic. Meanwhile, recreational use is more limited: only 10 states have been mounted on the train. The last to join was Michigan, where recreational marijuana was approved in December 2018.
