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 This material may not be published, broadcast, rewritten or redistributed.)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
- Palisade Considers Another Pot Ballot Proposal
- Congress Warming To Idea Of Medical Marijuana For Veterans
- Judge Dismisses Charge Against Man Who Intended To Buy Pot
- Small Colorado Communities Find Marijuana’s Benefits, Costs
- Police Want 2-Year Moratorium On New Marijuana Laws
- First School Cannabinoid Policy Passed In Peyton
- Edibles Lawsuit: Manufacturer Failed To Warn Of Side Effects