The Senate Committee on Banking, Housing and Urban Affairs last week ushered in industry leaders and advocates to testify about the challenges cannabis companies face trying to get basic banking services in states where medical or recreational marijuana is legal. Those testifying urged lawmakers to change federal laws so the industry could access traditional financial services.
While the hearing was the first-of-its-kind in the GOP-controlled Senate, passing federal legislation still remains an uphill battle. Except for the committee chairman, U.S Sen. Mike Crapo, R-Idaho, none of the other GOP committee members attended the hearing. He urged lawmakers to change federal laws to give the budding industry access to traditional financial services.
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Rob Nichols, President and CEO of the American Bankers Association and Jim Nussle President and CEO of the Credit Union National Association, co-authored an Op-Ed calling on Congress to pass marijuana banking legislation.
With the STATES Act and SAFE Banking Act, the cannabis lobby is on track to break a new record.
U.S Sen. Cory Gardner continues to urge the federal government to pass the SAFE Banking Act and the STATES Act:
