Colorado leads the charge in cannabis banking as federal legislation stalls

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Colorado lawmakers aren’t going to wait for federal legislators to decide on cannabis banking regulations

While the SAFE Banking Act – a bill that seeks banking services for cannabis companies – continues through what seems a very long path towards acceptance on Capitol Hill, other forms of government have taken matters into their own hands. From Colorado, Governor Jared Polis, along with the Department of Regulatory Agencies (DORA), announced yesterday a new initiative called the “Roadmap to Cannabis Banking & Financial Services” and, according to the announcement, it has the goal to create “clarity and guidance for state-chartered financial services industries that serve or seek to serve legal cannabis-related businesses.” In other words, banks are finally going to be able to freely work with the cannabis industry.

For this program, the DORA’s Executive Director, Patty Salazar, is working together with the Division of Banking and the Division of Financial Services to create a document with focus areas on “clear regulatory guidance, encouraging new and emerging technologies in the banking and financial services space, reducing barriers while upholding consumer protection guardrails, and demonstrating state support for financial businesses wishing to explore cannabis banking.”

Even though practically the majority of people and government officials are in favor of allowing cannabis businesses to access banking services, there is still strong opposition. However, the major concern still is the major risks associated with a cash-only business that might signify a hazard for public safety and, on top of that, the stomp of the road to continue growing.

Polis states in the press release, “As the first state to establish a legal marijuana industry and one of the first to implement an industrial hemp program, Colorado has become a national economic leader in the cannabis industry,” He added, “We are excited to release a bold, forward-thinking roadmap to provide much-needed guidance, clarity, and support to state-chartered financial service providers that work with or are interested in working with the state-legal cannabis industry.”