Banking Posts

State Attorneys General Ask Congress to Approve Marijuana Money Banking

38 Attorneys General Ask Congress to Bring Marijuana Money into Banking System: (“The attorneys general of 38 states and territories sent a letter to congressional leaders on Wednesday, urging them: Please, let us bank the money generated by the country’s booming cannabis business. * * * Most states and several U.S. territories have legalized medical marijuana, and 10 states and the District of Columbia have legalized adult recreational use. But federal law still considers marijuana illegal, which exposes banks to legal risk if they handle weed-related money or transactions. * * * ‘This is simple: Not incorporating an $8.3 billion industry into our banking system is hurting our public safety and economy,’ California Attorney General Xavier Becerra, one of the signatories, said in a statement. ‘The SAFE Banking Act would reward taxpayers and small and local licensed businesses who play by the rules. We urge Congress to pass legislation to meet the demands of our growing economy.'”)

SAFE Banking Act Vote Next Week

Wall Street Awaits Cannabis Banking Vote in Congress Next Week: (“Analysts are keeping a close watch on a House committee vote scheduled for Tuesday on a bill to get cannabis industry cash off the streets and into bank accounts.  Called the ‘SAFE Act,’ the measure would allow banks to service cannabis companies that comply with state laws. * * * The vote is likely to come on March 26 and the measure will probably pass, analysts say, even though some Republicans are said to have raised questions about measures designed to prevent money laundering and ensure compliance with bank secrecy laws.”)