A bipartisan coalition of 22 state attorneys general, including Michigan AG Dana Nessel, is calling on Congress to pass a marijuana banking bill that cleared a key Senate committee on Wednesday.
In a letter sent to congressional leaders on Tuesday, the top law enforcement officials of nearly half the states in the U.S. said they have a “strong interest in enabling economic growth and stability while simultaneously protecting the physical and economic wellbeing of constituents working in this industry.”
The letter was led by Maryland Attorney General Anthony G. Brown (D), Washington, D.C. Attorney General Brian L. Schwalb (D) and Oklahoma Attorney General Gentner Drummond (R). It was also signed by the attorneys general of Georgia, Hawaii, Illinois, Arizona, Massachusetts, California, Maine, Colorado, Michigan, Connecticut, New Jersey, New Mexico, Washington State, Nevada, New York, Oregon, Pennsylvania, Rhode Island and Vermont.
Citing the fact that a majority of states have legalized cannabis in some form, creating hundreds of thousands of jobs and billions of dollars in profit, the attorneys general said marijuana policy is “evolving rapidly and the industry is growing even faster.”
“The current federal laws present a risk of criminal and civil liability to banks providing services to state-licensed cannabis dispensaries and related businesses,” they wrote. “This risk has significantly inhibited the ability of financial institutions to provide services to regulated cannabis operators and leaves those businesses struggling to find financing.”
“Further, where the public perceives that regulated businesses can only conduct business in cash, employees and customers are at greater risk of violent crime in pursuit of that cash,” the letter says. “Several jurisdictions have seen a spike in robberies of cannabis businesses, some of which have resulted in deaths. Steady access to regulated banking is essential to the economic success of these businesses and the physical safety.”
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