Attorneys general from 33 states urge pot banking reform

[Eugene]

Source: Associated Press

Attorneys general from 33 states urge pot banking reform

May 8, 2019

LOS ANGELES (AP) — Attorneys general from 33 states on Wednesday urged Congress to approve a proposal intended to fully open the doors of the U.S. banking system to the legal marijuana industry.

Most Americans live in states where marijuana is legally available in some form. But most banks don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.

“This is simple: not incorporating an $8.3 billion industry into our banking system is hurting our public safety and economy,” said California Attorney General Xavier Becerra, whose state is the nation’s largest legal pot shop.

The bill “would reward taxpayers and small and local licensed businesses who play by the rules,” he said in a statement.

-snip-

Read more: https://apnews.com/27a6cd2392c64670bd74673a2a05e2ca

[TomSlick]

1. This really needs to be done.

Whatever you think about legalizing marijuana, it is the height of stupidity to deny legal businesses access to the banking system. Again, whatever you think of legalizing marijuana, the US needs to de-schedule marijuana.

[forgotmylogin]

2. I saw a documentary about this.

All of their transactions are in cash, no credit cards, and some unfortunate had to transport duffel bags LOADED with money and they said it was terrifying to do.

Banks need to help them do this as a safety precaution.

In fact, I'd say they should switch to NO cash transactions whatsoever. Credit/debit card only, so there's no cash laying around and less incentive to rob them.