DENVER (AP) — Rep. Mike Coffman is urging action on legislation that would allow legalized marijuana businesses to use commercial banks.
Republican Coffman is one of the co-sponsors of the proposal, which is stuck in a House of Representatives subcommittee. He writes in his letter to that committee’s chairwoman that without formal access to banks, marijuana businesses must rely on cash only. That makes them vulnerable to criminals and harder to tax.
President Obama’s administration last month released guidelines allowing banks to do business with the marijuana industry. But many banks say it will take an act of Congress before they are comfortable doing that.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
More Marijuana Legalization Stories
- Has Legal Marijuana Made Colorado’s Roads Less Safe?
- Study: Legal Pot Behind Rise In Car Crashes
- As Pot Comes Out Of Black Market, Regulators Face Scrutiny
- How Will Pot Clubs Work? Public Comment Wanted
- Couple Fighting For Custody Of 5 Kids Gets Help From Medical Pot Advocates
- Colorado Marijuana Market Funds Busts Of Illegal Growers
- Court: Neighbors Can Sue Pot Grower For Stinky Smells