Last year, 19 attorneys general from states with some form of legal cannabis sent a letter to Congress urging for cannabis banking law reform, Huffington Post reports. As you are no doubt well aware, cannabis banking law in America is incredibly stringent and outdated. Banks are not allowed to do any business with cannabusinesses (give loans, take deposits, etc.) for fear of being prosecuted under the Controlled Substances Act. It doesn’t matter if cannabis is legal in your state, it’s still illegal under federal law, and you can bet that this Justice Department will prosecute your ass.
Jeff Sessions is Undoing All Obama Era Protections
Prior to that, Jeff Sessions undid various Obama era memos, that were protecting legal cannabis states. This has lawmakers in these states worried that the long threatened federal crackdown may actually come to pass. This is what prompted Attorney Generals from 17 states, Washington DC, and Guam to send the letter.
These States Are Fighting Back
The letter expressed a strong interest in “protecting public safety” as well as “bringing grey market activities into the regulated banking sector.” The letter then went on to say that “To address these goals, we urge Congress to advance legislation that would allow states that have legalized medical or recreational use of marijuana to bring that commerce into the banking system.”
The cannabis industry in the US is worth some 6 billion dollars, so it’s understandable that the people who benefit from that would want to protect it. Revenue from cannabis has helped impoverished children go to college, and brought small towns back from the brink of extinction. One move in the right direction from the Justice Department and the DEA would ensure that these communities continue to benefit. Will Congress act to reform cannabis banking law?
Source: Huffington Post
Will America ever reform cannabis banking law? Tell us your thoughts in the comments!