A bipartisan coalition of two dozen governors is urging congressional leaders to finally enact marijuana banking reform through large-scale defense legislation. In a letter sent to top lawmakers in the House and Senate on Tuesday, the state officials said the Secure and Fair Enforcement (SAFE) Banking Act should be attached to the must-pass National Defense Authorization Act (NDAA). The House has already approved its version and included the banking legislation, but it’s uncertain if the Senate will follow suit. Colorado Gov. Jared Polis (D) led the letter, which is also signed by the governors of 22 other states and territories, along with Washington, D.C.’s mayor. It states that the SAFE Banking Act “will allow cannabis businesses to access normal banking services, which will transition fully cash-based cannabis transactions into the financial system where they belong.” “Thirty-seven states, four U.S. territories, and the District of Columbia have passed some form of recreational or medical cannabis legalization measures,” the governors wrote. “Medical and recreational cannabis sales in the U.S. were estimated to total $17.5 billion last year, but because of antiquated federal banking regulations, almost all cannabis transactions are cash-based.”
Kyle Jaeger, Marijuana Moment, 11/10/2021 08:59:00