Polis leads 21 governors in urging Congress to include cannabis businesses in national banking system

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DENVER (KDVR) — Governor Polis and 21 other state governors are advocating for legalized marijuana businesses to be protected under the national banking system.

The SAFE Banking Act Amendment initiated by Congressman Ed Perlmutter states cannabis businesses should be able to use the national banking system like any other business.

“Medical and recreational cannabis sales in the U.S. were estimated to total $17.5 billion last year, but because of antiquated federal banking regulations, almost all cannabis transactions are cash-based,” said Governor Polis in a letter to Congress.

This and the fact that cash-based businesses are a target for crime make the SAFE Banking Amendment an important change for cannabis businesses.

If marijuana businesses had access to the national banking system, they would go through the same process of vetting that any other business must go through, including anti-money laundering.

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