Published Wednesday, April 21, 2021
by Brianna Kraemer | The Center Square contributor
(The Center Square) Colorado Governor Jared Polis is leading an effort backed by 20 other state and territory governors to encourage Congress to pass legislation that would allow cannabis-legal states to operate under a new banking system.
The proposed federal legislation would allow banks and credit unions to provide their services to state-licensed cannabis-related businesses such as marijuana dispensaries.
Currently, the nationally recognized Controlled Substance Act places harsh legal risks and liabilities on financial institutions that work with cannabis businesses due to the substance still considered illegal at the federal level. This results in disincentivizing institutions from working with state-licensed cannabis businesses.
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