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Florida Democrats Seek State-Run Banking for Marijuana Industry


Florida patients are tired of paying with cash. Medical marijuana businesses are tired of dealing in only cash. Dealing in an all-cash system continues to leave these businesses vulnerable to theft with no way of recovering/replacing the monetary loss.

Democrats in the state want to help patients and businesses by creating state-run banks, WOFL Fox 35 News reports.  The state-run banking system wouldn’t be overseen by the FDIC. Legally-operating marijuana businesses would also have access to loans and other forms of assistance.

Representative Carlos Guillermo Smith said, “We want small businesses to be able to enter the medical cannabis industry.”

Patient Gena Lederhandler said, “Having cash and having to give cash to the stores or cash to someone on the streets: it’s the same thing and the streets will offer me a better discount. “

Lederhandler prefers non-intoxicating options. She said, “I’m a mom, I don’t have time to be high.”

The state-run banking discussion is expected to be a hot topic this legislative session.