No matter which side of the marijuana legalization issue you’re on, we all recognize the changes made to the Colorado Constitution by Amendment 64 created some unique conflicts between state and federal law – including access to regular banking services. Because marijuana is still a controlled substance under federal law, banks may face criminal and regulatory penalties if they engage with these marijuana businesses.
Ed Perlmutter ran for Congress to be a voice and represent the needs of Colorado, and when he saw this banking conflict arise, he wanted to fix it. That’s why he introduced a bill to allow banks to provide services to marijuana businesses in states with a legal and regulatory structure in place.
It’s simple: legal businesses (including marijuana businesses and banking businesses) should have the freedom to operate just like any other business in the state.
Running a small business is hard enough without the additional challenge of being limited to a cash-only operation. Bottom line: denying entrepreneurs access to banking is a dangerous and costly gamble. It makes shops easy targets for robberies, is a logistical burden for shop owners and employees, and is tremendously inefficient for government offices which end up counting piles of bills when collecting taxes.
It’s time for Congress to take this issue seriously and bring up my bill for a hearing in the House Financial Services Committee. Please sign Ed’s petition, and join him in working towards a common-sense solution to a real public safety problem in Colorado.
Last week, President Obama’s Justice and Treasury departments issued guidance to banks about dealing with changes in states like Colorado and Washington. But that’s not enough. We need a real, permanent solution updating federal law. Many of Ed’s colleagues – Democrats and Republicans – agree and are cosponsoring his bill