ARVADA, Colo.–Colorado Gov. Jared Polis and Rep. Ed Perlmutter (D-CO) were part of a press conference held at Partner Colorado Credit Union here where they were joined by CU executives and the Colorado Department of Regulatory Agencies (DORA), which has released a “roadmap” to provide clarity and guidance for state-chartered financial services providers that serve or seek to serve legal cannabis-related businesses.
Partner Colorado and its subsidiary CUSO, Safe Harbor Services, has been a pioneer in providing financial services to the legal marijuana and industrial hemp industries.
Sundie Seefried was also part of the press conference, as were Colorado Treasurer Dave Young and DORA Executive Director Patty Salazar.
According to the state, the “Roadmap to Cannabis Banking & Financial Services” includes seven primary areas of focus.
“As the first state to establish a legal marijuana industry and one of the first to implement an industrial hemp program, Colorado has become a national economic leader in the cannabis industry,” said Gov. Polis. “We are excited to release a bold, forward-thinking roadmap to provide much-needed guidance, clarity and support to state-chartered financial service providers that work with or are interested in working with the state-legal cannabis industry.”
Creating a ‘Path’
Under Salazar, two DORA divisions have been the primary drivers of this initiative: the Division of Banking, which is responsible for the regulation of state-chartered commercial banks, trust companies, and state-licensed money transmitters; and the Division of Financial Services, which is responsible for the regulation of state-chartered credit unions and savings and loan institutions.
“The lack of federal clarity creates a level of uncertainty and apprehension for our Colorado state-chartered banks and credit unions to provide basic financial services to legal cannabis-related businesses,” said Salazar. “This roadmap is designed to lay out a path whereby our state-chartered financial institutions can explore whether or not they are in a position to provide services to this industry.”
The roadmap’s seven primary areas of focus include providing clear regulatory guidance, encouraging new and emerging technologies in the banking and financial services space, reducing barriers while upholding consumer protection guardrails, and demonstrating state support for financial businesses wishing to explore cannabis banking.
Congressman Lead Sponsor of SAFE Act
Congressman Perlmutter is the lead sponsor of landmark H.R. 1595, the Secure and Fair Enforcement Act of 2019, better known as the SAFE Banking Act). The bill passed the U.S. House with overwhelming bipartisan support and has gone onto the Senate, where Sen. Mike Crapo (R-ID), who chairs the Senate Banking Committee has expressed opposition.
“Too many Colorado businesses, employees and communities have been targets of assault, robbery and other crimes due to the conflict between state and federal law when it comes to cannabis banking,” said Perlmutter. “I appreciate Governor Polis and his team working to improve access to the financial industry for Colorado cannabis and cannabis-related businesses. However, it is critical that Congress acts, including by advancing the SAFE Banking Act. Only by aligning state and federal law can we fully resolve the issues necessary to get cash off our streets and improve public safety in our communities.”
Added Partner Colorado’s Seefried, “As a credit union, we saw the need to help pioneer a way to offer basic banking services to the cannabis industry to safeguard communities and our monetary system. Fortunately, the state of Colorado shared these goals.”
A video of the press conference can be viewed here.