COLORADO SPRINGS, Colo. (KRDO) — Colorado’s Attorney General Phil Weiser is urging Congress to pass legislation that would allow legal marijuana-related businesses access to the federal banking system.
The Secure and Fair Enforcement (SAFE) Banking Act would allow cannabis businesses to use federally insured banks and not rely on cash-only transactions.
Weiser joins a bipartisan coalition of 34 state and territorial attorneys general who want Congress to pass the SAFE bill as part of upcoming COVID-19 relief legislation.
“At a time when COVID-19 has exacerbated health and safety concerns related to cash exchanges, now more than ever it is vital Congress act on this point,” said Weiser in a statement. “We in Colorado will continue to be at the forefront of defending our businesses and their employees.”
Current laws prevent federal banks from serving marijuana businesses in states where the sale of it is legal. The attorneys general argue that cash-only operations pose safety threats and create targets for violent and white-collar crime.
The House of Representatives already passed the bill in September 2019. The HEROES Act relief legislation, which the House approved last week, also included the language of the SAFE Banking Act.
KRDO is reaching out to local marijuana businesses to learn about how the SAFE Banking Act would affect them. Check back later for updates.
Business / Cannabis / Cannabis in Colorado / Colorado Springs / Local News