Rep. Coffman Urges Action On Pot Banking Bill
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 This material may not be published, broadcast, rewritten or redistributed.)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
- Pot-Related Poison Control Calls Up In Colorado And Washington
- Colorado Starting Over On Medical Marijuana Rules
- Things To Know About Medical Marijuana In Colorado
- Bank Shuts Off Cannabis Company, ‘Still Illegal’
- Study: Pot Entrepreneurs Adding Millions To State Economy
- Law Enforcement From Around The World In Colorado To Learn About Pot
- Pot And Public Safety Topic Of Colorado Chiefs Meeting