A group that represents state lawmakers across the U.S. is calling on Congress to “quickly” attach a bipartisan marijuana banking bill to unrelated Federal Aviation Administration (FAA) reauthorization legislation and pass the reform.
In a letter sent to House and Senate leadership on Wednesday, the National Conference of State Legislatures (NCSL) said lawmakers should move forward with plans to use the FAA measure as a vehicle for the Secure and Fair Enforcement Regulation (SAFER) Banking Act.
“The inability of legal state cannabis businesses to receive financial services from the federal banking system creates an unsafe position for these legal entities, as well as taxation and compliance problems for states that have exercised their authority to legalize cannabis,” NCSL CEO Tim Storey wrote to the congressional lawmakers.
“The SAFER Banking Act would provide much-needed banking resources to these legitimate businesses and help facilitate secure, simpler and more enforceable business activity in nearly every state,” he said.
While the vast majority of states have enacted some form of cannabis legalization, “legitimate business owners must continue to rely on cash-only cannabis transactions,” the letter says.
“This exchange increases the real risk that they, their employees and customers become prime targets for theft, burglary,
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