There may be new hope again for marijuana companies to get access to banks.
Top law enforcement officials from 38 U.S. states and territories are calling for Congress to pass legislation to increase marijuana businesses’ access to banks.
The National Association of Attorneys General has officially endorsed the bill that would shield financial services providers from being punished by regulators for working with the cannabis industry.
“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,” the attorneys general wrote in a letter to congressional leaders on Wednesday.
gCO Attorney General tweeted, “@COAttnyGeneral leads coalition of 38 state/territory AGs calling on #Congress to pass @RepPerlmutter’s bill allowing #cannabis companies to access banks w/o fear of federal repercussions. @NatlAssnAttysGn has adopted this position as official policy.https://coag.gov/press-room/press-releases/05-08-19 …