Utah attorney general wants Congress to let marijuana businesses use banks
Marijuana Industry NewsUtah May 25, 2020 MJ Shareholders 0
Utah Attorney General Sean Reyes joined a bipartisan coalition of 34 state and territorial attorneys general asking Congress to let legal marijuana businesses access the federal banking system.
“This bill would allow Utah to make critically needed changes regarding legal medical cannabis transactions in our state,” Reyes said in a news release issued Friday. “Utah worked hard to find a sensible, humane and balanced approach to medical marijuana policy.”
In a letter to congressional leaders, the attorneys general said the pandemic has drawn attention to problems the SAFE Banking Act is intended to fix, including health and safety concerns associated with cash transactions.
“Threats to public safety caused by a cash-intensive business model, often the target of criminal activity, have intensified in the months since the pandemic began,” they wrote in the letter. “The presence of large cash transactions places law enforcement, tax regulators, consumers, and patients at heightened risk of exposure to the virus.” [Read more at The Salt Lake Tribune]
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