States Pressure Congress to Relieve Cannabis Banking Issues

Since the dawn of cannabis legalization, companies have had a hard time utilizing basic banking like everyone else. While banks would love to handle the cash-rich cannabis industry, they have notoriously stayed away over fears of federal regulators siding with federal laws. Everything has been made even more uncertain with Attorney General Session’s decision to resend the Obama era policy that kept federal prosecutors from going after cannabis companies that operate legally under state laws.

This has lead to AGs from 18 medical or recreational states to ask members of Congress to create an exemption for banks that want to deal with cannabis businesses. The states argue that allowing these businesses to bank legally will add billions into the banking system, thereby increasing taxes collected and giving regulators more visibility into business financials.

Both Sen. Elizabeth Warren and Sen. Bernie Sanders have asked for regulation since January and with Congress in a fustercluck over a number of other issues, it’s hard to say when there might be movement.

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