Missouri Bankers Association and 50 others call for legislative action

By Brandon Dunn

On Monday, The Missouri Bankers Association joined 50 other state bankers associations in a banner call for the Senate Banking, Housing and Urban Affairs Committee to find legislative solutions for legal cannabis businesses.

In their letter to the committee the associations stress urgency stating, “there are broader public policy questions surrounding cannabis legalization that merit debate, but we ask that you focus narrowly on the urgent banking problem at hand, which is within your power to resolve.”

The SAFE Banking act – backed by the American Bankers Association has already cleared the House Financial Services Committee, but its companion bill in the Senate lies dormant.

   

As with other recent calls for federal banking reform, the associations stressed their concerns for public safety and transparent business practices, “Leaving the cannabis industry unbanked presents serious public safety, revenue administration, and legal compliance concerns and must be remedied immediately.”

Read the full letter below: