Aug 07, 2017
The National Conference of State Legislatures (NCSL) approved a resolution Monday urging that the Controlled Substances Act should be amended to remove marijuana from scheduling in order to give federally approved banks the ability to work with marijuana businesses. This would also allow states to determine their own marijuana policies without the threat of federal interference. For a resolution to pass, it must be supported by a majority of participating legislators in each of 75% of the states represented at the conference’s general business meeting.
Due to the Schedule I status of marijuana under federal law, federally insured banks risk penalties if they offer financial services to marijuana-related businesses. For that reason, many of these businesses are forced to operate on a cash-only basis, making them a target for criminals. While limited guidance has been issued, which intended to encourage financial institutions to serve marijuana businesses, access to banking remains a problem.
The full resolution can be found here.
MPP's Karen O'Keefe said the following statement in a press release:
“State legislators and the vast majority of voters agree that marijuana policy should be left to the states,” said Karen O’Keefe, director of state policies for the Marijuana Policy Project, which tracks marijuana policy in all 50 states and lobbies in state legislatures throughout the country.
“Legitimate, taxpaying marijuana businesses should not have to face the difficulties of operating on a cash-only basis. Allowing banks to offer them financial services will be good for the industry and benefit public safety,” O’Keefe continues. “Even more so, states should not have to worry about the federal government interfering with their marijuana policy choices.”