Salem, OR—A bipartisan group of 17 state treasurers is urging Congress to approve legislation to allow state-level financial institutions to provide financial and banking services to state-licensed cannabis businesses. Although the majority of U.S. states have legalized the use of cannabis, either for medical or recreational use, financial institutions still face enormous barriers to providing services to state-licensed cannabis businesses.
Businesses operating solely in cash create significant public safety risk. Storing and moving cash puts owners, employees, customers, and the community at risk of violent crime. The cash-only environment also means that state and local governments must collect tax payments in cash and in person, creating added security and processing expenses.
The Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) would remove the legal uncertainty for banks and credit unions, reduce their risks, and move billions of dollars into the banking system, mitigating public safety concerns.
“Financial institutions and other entities that do business with the cannabis industry need certainty that they can provide banking and financial services to these legal businesses," said Treasurer Read. "The act will create safer communities and allow state and local governments to operate more efficiently.”
The full letter is available at https://www.oregon.gov/treasury/news-data/Document...
Treasurer Read was joined by Washington Treasurer Duane Davidson; Maine Treasurer Henry Beck; Hawaii Treasurer Roderick Becker; Nevada Treasurer Zach Conine; Utah Treasurer David Damschen; New Mexico Treasurer Tim Eichenberg; Michigan Treasurer Rachael Eubanks; Illinois Treasurer Michael Frerichs; Massachusetts Treasurer Deborah Goldberg; Maryland Treasurer Nancy Kopp; Rhode Island Treasurer Seth Magaziner; New Jersey Treasurer Elizabeth Muoio; West Virginia Treasurer John Perdue; Ohio Treasurer Robert Sprague; Pennsylvania Treasurer Joe Torsella; and Colorado Treasurer Dave Young.