Attorneys General: Legit Marijuana Businesses Should Be Able to Have Legit Bank Accounts

  • A bipartisan group of 34 AGs, led by Colorado AG Phil Weiser and North Dakota AG Wayne Stenehjem, sent a letter to Congress urging it to allow legal marijuana-related businesses access to the federal banking system.
  • The letter noted that under existing law, federal regulations prohibit financial institutions from providing services to marijuana businesses even in states where such businesses are legal. The letter argues that the lack of access to the banking system has pushed many marijuana-related businesses into dependence on cash at a time when COVID-19 exacerbates health and safety concerns associated with cash transactions.
  • The AGs asked Congress to remedy this situation by passing such legislation as part of any upcoming COVID-19 relief legislation.
  • As previously reported, in 2019, the National Association of Attorneys General sent a similar letter, signed by a bipartisan coalition of 38 AGs, to congressional leaders urging Congress to pass legislation to protect financial institutions that provide banking services to the marijuana industry in jurisdictions that have legalized use.