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 This material may not be published, broadcast, rewritten or redistributed.)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
- Neighbors Alert Authorities About Illegal Grow House
- Gov. Hickenlooper Would Have Accepted Offer To Be Clinton’s Running Mate
- False Positives Behind THC Results In Hugo Water Supply
- Pot Edibles Sending More Kids To ER
- Why Would You Risk Poisoning Your Child? The Danger Of Edibles
- New Tests Show No Pot Chemicals In Hugo’s Water
- Hugo Water Test Results Not Back Yet, Order Not To Drink It Remains