Governors from 22 states are pressuring Congress to take action
Although banking reform for the marijuana industry is a measure that appears to be more than necessary, efforts have been stalled for several months. The advent of such legislation would undoubtedly be significant for the thousands of marijuana-related businesses that can no longer afford to run their operations on a cash basis. That’s why a bipartisan coalition of two dozen governors are pushing for congressional leaders to take action and finally enact marijuana banking reform through full-scale defense legislation.
Top lawmakers in the Senate and House were the primary recipients of a letter sent last Tuesday in which state officials said the Safe and Fair Enforcement (SAFE) Banking Act should be attached to the mandatory National Defense Authorization Act (NDAA). While it is true that the House has already passed its version and included the banking legislation in the equation, it is still uncertain whether the Senate will take the same action, and that uncertainty has many scratching their heads.
The letter spearheaded by Colorado Governor Jared Polis was also signed by the governors of 22 other states and territories, along with the mayor of Washington, DC. The letter states that the SAFE Banking Act “will allow cannabis businesses to access normal banking services, which will transition cannabis transactions from being entirely cash-based to the financial system where they belong.”
Should this echo be heard and banking reform is passed, businesses related to this industry would finally have access to the financial services of banking entities, which would let them operate just like other traditional industries.