State Marijuana Regulators Say Banking Fix Will Make Their Jobs Easier In Addition To Helping Businesses

State Marijuana Regulators Say Banking Fix Will Make Their Jobs Easier In Addition To Helping Businesses
MJ moment

As lawmakers work to advance marijuana banking reform, a coalition of cannabis regulators representing 40 U.S. states and territories are explaining to Congress just what the current lack of access to traditional financial services means—not just for the businesses and the programs they oversee, but for the regulators navigating this federal-state conflict themselves. The non-partisan Cannabis Regulators Association (CANNRA), which doesn’t take a stand on legalization itself, sent a letter to congressional leaders on Wednesday, outlining three key areas of concern for their states’ respective marijuana markets under the status quo of federal prohibition. The letter doesn’t specifically endorse the Secure and Fair Enforcement (SAFE) Banking Act—which is a major component of a debate playing out in a bicameral conference committee where lawmakers are seeking to attach the legislation’s language to a large-scale manufacturing bill. But it does say that the “lack of safe banking and financial services for the cannabis industry and for those indirectly involved in cannabis marketplaces has become a dire public safety issue.” “Virtually all our member states and territories have been negatively impacted by the lack of available financial and banking services for cannabis businesses and those working with the cannabis industry,” it says. The main problems that they identified concern public safety and security, the lack of access to banking and depository services and the need for small and minority businesses to access financial institutions. As has been noted by several congressional proponents of reform and stakeholders, the banking dilemma has forced many marijuana businesses to operate on a largely cash-only basis that has made them unique targets of crime. The letter gives examples of recent violent and sometimes robberies that have taken place at retailers in a number of states in recent months. “A lack of access to safe banking not only fuels…

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Source : State Marijuana Regulators Say Banking Fix Will Make Their Jobs Easier In Addition To Helping Businesses

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