WASHINGTON–The attorneys general from 38 states and U.S. territories have sent a letter calling on Congress to pass legislation to increases access to financial institutions by cannabis-related businesses.
The move follows a separate letter sent by 17 state treasurers that also called on Congress to act on the same matter.
At issue is the federal prohibition on marijuana, which puts financial institutions in an odd and risky position in serving the cannabis industry.
In the letter from the National Association of Attorneys General, the AGs wrote, "Businesses are forced to operate on a cash basis. The resulting grey market makes it more difficult to track revenues for taxation and regulatory compliance purposes, contributes to a public safety threat as cash-intensive businesses are often targets for criminal activity, and prevents proper tracking of billions in finances across the nation.
"[R]regardless of how individual policymakers feel about states permitting the use of medical or recreational marijuana, the reality of the situation requires federal rules that permit a sensible banking regime for legal businesses," the letter continues.
Bill Has 173 Cosponsors
As CUToday.info reported earlier, in March the House Financial Services Committee passed the SAFE Banking Act, which is sponsored by Rep. Ed Perlmutter (D-CO) and which now has 173 cosponsors. It is expected to be considered on the House floor within the next several weeks.
The AG letter, led by Colorado Attorney General Phil Weiser, was joined by attorneys general from Alaska, Arizona, Arkansas, California, Connecticut, Delaware, the District of Columbia, Guam, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Jersey, New Mexico, New York, North Dakota, the Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Utah, the U.S. Virgin Islands, Vermont, Virginia, Washington, West Virginia and Wisconsin.