State Financial Regulators Press Congress To Allow Marijuana Banking Access

The top financial regulators in 25 states and U.S. territories are joining together to pressure Congress to pass legislation allowing marijuana businesses to store their profits in banks.

“It is incumbent on Congress to resolve the conflict between state cannabis programs and federal statutes that effectively create unnecessary risk for banks seeking to operate in this space. The looming threat of civil actions, forfeiture of assets, reputational risk, and criminal penalties is not conducive to a legal, regulated marketplace,” the officials wrote to House and Senate Democratic and Republican leaders in a letter on Monday.

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PHOTO: TOM SYDOW