New pressure arrives to try and force cannabis banking reform on Capitol Hill

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In the wake of Biden’s cannabis expungement order, there’s renewed hope for major reforms

Congress is under pressure as cannabis banking reform continues to see a little movement. Several Colorado officials are joining together to call on Senators to take action as soon as possible, especially now that the Congressional session is getting closer.

Cannabis advocates, legislators, and stakeholders do not intend to sit idly by and are now pushing for marijuana banking reform to get the attention it needs. This time, it is specifically Centennial State Governor Jared Polis who decided to join forces with Department of Public Safety (DPS) Executive Director Stan Hilkey, Lieutenant Governor Dianne Primavera, Attorney General Phil Weiser and Treasurer Dave Young.

The idea of this partnership is to urge Congressional leaders to review the issue as soon as possible. Earlier in the week, this group of Colorado officials sent a letter to the Senate and House leadership. They focused on the impact that partisan banking legislation will have on the industry, especially on issues of social equity and public safety.

“The lack of safe banking and financial services for the cannabis industry in the State of Colorado has become a dire public safety issue for highly regulated cannabis businesses operating in compliance with state law,” the officials said. The letter, sent after President Joe Biden’s announcement, also addressed the “uneven playing field faced by small and minority-owned cannabis businesses” caused by the lack of safe banking.

While the House has repeatedly given the Secure and Fair Enforcement (SAFE) Banking Act the go-ahead, sponsor Ed Perlmutter has not found the same success in the Senate. This measure would undoubtedly make the marijuana industry better served by providing it with the banking services that any other market currently enjoys.