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Attorneys general from 33 states urge pot banking reform [View all]
Source: Associated Press
Attorneys general from 33 states urge pot banking reform
May 8, 2019
LOS ANGELES (AP) — Attorneys general from 33 states on Wednesday urged Congress to approve a proposal intended to fully open the doors of the U.S. banking system to the legal marijuana industry.
Most Americans live in states where marijuana is legally available in some form. But most banks don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.
“This is simple: not incorporating an $8.3 billion industry into our banking system is hurting our public safety and economy,” said California Attorney General Xavier Becerra, whose state is the nation’s largest legal pot shop.
The bill “would reward taxpayers and small and local licensed businesses who play by the rules,” he said in a statement.
-snip-
May 8, 2019
LOS ANGELES (AP) — Attorneys general from 33 states on Wednesday urged Congress to approve a proposal intended to fully open the doors of the U.S. banking system to the legal marijuana industry.
Most Americans live in states where marijuana is legally available in some form. But most banks don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.
“This is simple: not incorporating an $8.3 billion industry into our banking system is hurting our public safety and economy,” said California Attorney General Xavier Becerra, whose state is the nation’s largest legal pot shop.
The bill “would reward taxpayers and small and local licensed businesses who play by the rules,” he said in a statement.
-snip-
Read more: https://apnews.com/27a6cd2392c64670bd74673a2a05e2ca
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