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Attorneys General Urge Federal Marijuana Banking Bill

Sep 27, 2019

Michigan Attorney General Dana Nessel joined a bipartisan group of 21 Attorneys General to urge congress to pass legislation that allows legal marijuana businesses to access the federal banking system. Under existing law, financial institutions are prohibited from providing banking services to marijuana business in the states that have legalized medical or recreational marijuana. As a result, businesses that comply with state law are forced to operate as cash-only businesses.

In their letter, the Attorneys General say that legislation would provide businesses oversight and reduce the risk of crime affecting the growing industry by allowing marijuana businesses to access the federal banking system.

To read the full letter, please click here.

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