Governor Polis Joins Others In Effort To Move Cannabis Industry Into Banking System

DENVER (CBS4) - Gov. Jared Polis and 21 other governors from across the country sent a letter to Congress urging lawmakers to allow cannabis shops to use banks. The business has been cash-only for years.

The governors want legislation included in the final 2022 National Defense Authorization Act.

"After years of cannabis being legal in a multitude of states, it is long overdue for cannabis businesses to finally financially operate alongside other businesses in the open national banking system," Polis said.

He adds the industry, medical and recreational, brought in $17.5 billion in 2020. The new SAFE Banking Amendment would allow businesses to get loans at competitive rates and

Read the full letter.