Governors, Banking Associations And State Treasurers Tell Congress To Pass Marijuana Banking Bill

MJ moment

The governors of 20 states and one U.S. territory—as well as bankers associations representing every state in the country and a coalition of state treasurers—recently sent letters to House leadership, expressing support for a bill to protect banks that service state-legal marijuana businesses that the chamber is set to vote on within hours. Colorado Gov. Jared Polis (D) led the governors’ letter on Monday, which states that the officials “strongly support the passage of the Secure and Fair Enforcement (SAFE) Banking Act” in order to “remove the legal uncertainty and allow banks and credit unions to provide services to state-licensed cannabis-related businesses.” “Because few banks and credit unions provide these services, state-licensed cannabis businesses predominantly operate on a cash basis,” the governors wrote. “Without banking services, state-licensed cannabis businesses are unable to write checks, make and receive electronic payments, utilize a payroll provider, or accept credit and debit cards.” “Cash only businesses pose a significant public safety risk to customers and employees. The cash-only environment also burdens state and local government agencies that must collect tax and fee payments in person and in cash, which creates additional public expenses and employee safety risks.” “State and federal governments have a shared interest in upholding the rule of law, protecting public safety, and transitioning markets out of the shadows and into our transparent and regulated banking system. Many of our states have implemented laws and regulations to reduce these risks while ensuring financial accountability of the cannabis industry. These public safety risks can be further mitigated on the federal level by passing the SAFE Banking Act to provide state-licensed cannabis businesses with access to banking service providers.” Alongside Polis, the governors of California, Connecticut, Illinois, Louisiana, Maine, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Dakota, Oregon, Pennsylvania, Utah, U.S.…

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Source : Governors, Banking Associations And State Treasurers Tell Congress To Pass Marijuana Banking Bill

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