Federal regulations currently make it risky for banks to provide services to cannabis businesses.
Attorneys general from over a dozen states where some form of marijuana use has been legalized are urging Congress to pass legislation that would allow banks to provide services to cannabis businesses without risking federal prosecution.
In a letter sent to congressional leaders on Tuesday, attorneys general from 17 states, Washington D.C. and the U.S. territory of Guam said they shared “a strong interest in protecting public safety and bringing grey market activities into the regulated banking sector.”
“To address these goals, we urge Congress to advance legislation that would allow states that have legalized medical or recreational use of marijuana to bring that commerce into the banking system,” the letter stated. Read More