Legislation signed into law making it easier for Missouri marijuana companies to access banking services
The Missouri Cannabis Trade Association (MoCannTrade) today applauded the signing of Senate Bill 63 by Gov. Mike Parson, which will make it easier for marijuana companies operating in Missouri to access banking services. The legislation, which passed the Missouri General Assembly in May and was signed into law yesterday, was the trade association’s top legislative priority this year.
The legislation allows marijuana businesses to request in writing permission for state agencies to share the entity’s application, license or other regulated or financial information with a banking institution. This bank information sharing arrangement will allow more banks to have marijuana businesses as clients because the legislation enables the banks to follow the Financial Crimes Enforcement Network (FinCEN) guidelines more easily.
“With more than 15,000 Missourians directly employed in the cannabis industry and more than $1.1 billion in legal cannabis sales, this new law making it easier for marijuana companies to access banking services couldn’t come at a better time,” said Andrew Mullins,
MoCannTrade Executive Director. “Our industry is having a tremendous impact on local economies all across our state and this bank information sharing legislation will make it simpler for Missouri banks and credit unions to provide financial services safely and compliantly.”
Besides MoCannTrade, others supporting the legislation included the Missouri Division of Finance, the Missouri Bankers Association, and the Missouri Credit Union Association.
MoCannTrade supports federal legislation known as the Secure and Fair Enforcement (SAFE) Banking Act, which would normalize banking at the federal level by prohibiting federal regulators from taking punitive steps against banks that provide financial services to cannabis businesses.
MoCannTrade (The Missouri Cannabis Trade Association) is an association of business owners, professionals, patients and consumers responsible for helping to implement a successful, safe, compliant medical and adult use cannabis program in Missouri.
The membership-based association is directed by a board of diverse professionals experienced in cannabis production & retail, healthcare, law, pharma, science, agriculture, law enforcement & security, finance, public affairs and regulatory sectors.
To learn more about MoCannTrade please visit www.mocanntrade.org
