Governor of Colorado Pens Letter Urging Legitimate Cannabis Banking

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As Democrats in Congress appear eager to finally tackle comprehensive marijuana reform, Colorado Governor Jared Polis hopes they address one particular cannabis policy first. In a letter to a trio of Democratic senators on Friday, Polis urged them to pursue legislation implementing new banking and taxation measures that would enable financial institutions to work with cannabis businesses. “I am thrilled that you are bringing forward a long-term, comprehensive solution that deschedules cannabis while enhancing social equity pathways,” wrote Polis, a Democrat serving his first term as governor of Colorado. “I hope that you will first focus your efforts on the two biggest barriers to the success of the cannabis industry: banking and IRS Code Section 280E (280E). He said that “the cannabis industry has been stymied by 280E, which prevents these businesses from taking business-related deductions associated with the sale of cannabis. “Congress must swiftly act to pass any measure, a number of which have been introduced in past sessions, to make an exception for legal cannabis businesses from 280E,” he wrote. “While the CAOA would address this issue by descheduling cannabis, a narrow measure focused on relieving cannabis businesses from the detrimental effects of 280E would expeditiously solve this problem.” Polis wrote the letter to Senate Majority Leader Chuck Schumer, Senator Cory Booker and Senator Ron Wyden, who have thrown their weight behind the Cannabis Administration and Opportunity Act (CAOA), legislation that would effectively legalize marijuana on the federal level.  The bill was introduced in draft form by the three Democratic senators last month. But while members of Congress continue to wrangle out the details of that legislation, Polis believes there is a ready-made cannabis reform bill just waiting to be passed: the SAFE Banking Act, which Polis backed as a member of Congress representing Colorado’s second district. “Legislation…

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Source : Governor of Colorado Pens Letter Urging Legitimate Cannabis Banking

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