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 This material may not be published, broadcast, rewritten or redistributed.)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
- Hickenlooper Reaffirms Commitment To Health Care Exchange In State Of State Address
- Trump’s Choice For AG Has Some Worried About Impact On Legal Pot
- Teens Accused In Pot Dispensary Burglary Ring Face Numerous Felonies
- 2016 Year In Review: Small Towns, Big News
- Colorado Approves Another Round Of Pot Research
- Colorado’s Pot Industry Could Be Targeted By Trump Administration
- Colorado Plans Crackdown On Home Pot Growers