Due to the fact that marijuana is still illegal under federal law, many banks will not even touch anything marijuana related.
Marijuana-legal states are on their own trying to find a solution for banking in what is a very lucrative business.
John Ducrest, Louisiana’s top banking regulator and the commissioner of the state’s Office of Financial Institutions, has joined forces with colleagues in other states where marijuana is legal to ask the U.S. Congress to find a way to allow banks to do businesses within the marijuana industry.
Ducrest has signed a letter to congressional leaders last week seeking “safe harbor” legislation for banks that are open to doing business with state-legal MJ businesses, according to The Advocate of Baton Rouge.
The letter was sent to House leaders Paul Ryan and Nancy Pelosi, as well as Senate leaders Mitch McConnell and Chuck Schumer.
According to The Philadelphia Inquirer, officials from the following states have signed the letter: Alaska, Connecticut, Hawaii, Louisiana, Michigan, Montana, Nevada, New York, Oklahoma, Oregon, Pennsylvania and Washington state.
