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Attorneys general from 33 states urge pot banking reform

Posted at 2:28 PM, May 08, 2019
and last updated 2019-05-08 17:28:21-04

LOS ANGELES (AP) — Attorneys general from 33 states are urging Congress to approve a bill intended to fully open the doors of the U.S. banking system to the legal marijuana industry.

Most Americans live in states where marijuana is legally available in some form.

But most banks don't want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.

California Attorney General Xavier Becerra says the lack of banking services is undermining public safety.

The proposal would allow marijuana businesses to access banking services, while sheltering financial institutions from prosecution for handling pot-linked money.

Currently, the number of banks and credit unions willing to handle pot money represents only a tiny fraction of the industry.