State Treasurers Discuss Marijuana Banking Challenges At Annual Conference With Congressional Officials

State Treasurers Discuss Marijuana Banking Challenges At Annual Conference With Congressional Officials
MJ moment

State treasures from across the U.S. participated in a panel on Tuesday that focused on federal marijuana banking reform as part of a three-day conference organized by the National Association of State Treasurers (NAST) that was attended by stakeholders and congressional officials. Moderated by Colorado Treasurer Dave Young, the panel discussed the “history, challenges, and prospects for SAFE banking laws that would allow legal cannabis businesses into the mainstream banking system,” according to an event description. My pleasure! Let’s pass the #SAFEBankingAct in the Senate! https://t.co/2L9qcHhsZG — Colorado Treasurer Dave Young (@ColoTreasurer) March 15, 2022 The Secure and Fair Enforcement (SAFE) Banking Act was a focal point of the discussion. That bill, sponsored by Rep. Ed Perlmutter (D-CO), would protect financial institutions that choose to service state-legal cannabis businesses from being penalized by federal regulators. It’s passed the U.S. House of Representatives in some form six times but has yet to advance in the Senate under either Republican or Democratic control. Perlmutter’s senior legislative assistant Colin Anonsen spoke on the NAST conference panel, alongside representatives of Scotts Miracle-Gro and the American Bankers Association (ABA). ABA recently released a poll it commissioned showing majority support for marijuana banking reform among Americans. State treasurers have been among the consistent voices pushing Congress to take action on the issue, submitting multiple letters to leadership on the issue over the years, for example. In 2019, NAST adopted a resolution endorsing “common sense federal laws and regulations to provide essential banking services to state legalized cannabis businesses.” — Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments. Learn more about our…

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