DENVER (KDVR) – Governor Polis and 21 other state governors are advocating for legalized marijuana businesses to be protected by the national banking system.
The SAFE Banking Act amendment initiated by Congressman Ed Perlmutter states that cannabis companies should be able to use the national banking system like any other business.
“Sales of medical and recreational cannabis in the United States were estimated at $ 17.5 billion last year, but due to archaic federal banking regulations, almost all cannabis transactions are made in cash,” said Governor Polis in a letter to Congress.
This and the fact that cash-based businesses are a target for crime makes the SAFE Banking Amendment a significant change for cannabis companies.
If marijuana companies had access to the national banking system, they would go through the same vetting process any other business has to go through, including combating money laundering.
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