A coalition of the top financial regulators in 13 states is demanding congressional action to protect banks that serve marijuana businesses.
In a letter sent to congressional leaders late last week, the regulators stressed that conflicting state and federal cannabis laws have inhibited economic growth, created confusion among state banks and credit unions and jeopardized public safety.
“It is incumbent on Congress to resolve the conflict between state cannabis programs and federal statutes that effectively create unnecessary risk for banks seeking to operate in this space without the looming threat of civil actions, forfeiture of assets, reputational risk, and criminal penalties,” the regulators wrote.
“While Congress has taken some action, such as the Rohrabacher amendment prohibiting federal funds being used to inhibit state medicinal marijuana programs, this has been an impermanent approach that requires a permanent resolution.”
Finance officials from Alaska, Connecticut, Hawaii, Louisiana, Michigan, Montana, Nevada, New York, Oklahoma, Oregon, Pennsylvania, Utah and Washington State signed the letter.
One of the factors that prompted the letter was Attorney General Jeff Sessions’s decision earlier this year to rescind the Obama-era “Cole memo,” which offered some enforcement guidelines for federal prosecutors when it comes to marijuana laws. Rescinding the guidance led to “uncertainty about banks’ ability to serve this industry without running afoul of federal statutes,” the regulators wrote.
A majority of states now have medical marijuana programs and it has become increasingly necessary to craft policy to respond to emerging challenges in this rapidly growing industry. Read my letter to Congress on this issue: https://t.co/1INz2z3ZXlpic.twitter.com/1ADYkPoKkx
— PA Secretary of Banking and Securities (@PADOBSsecretary) August 27, 2018
The letter also recognized that this coalition is not alone in its demand for clarity around banking and cannabis policy.
In June, a bipartisan group of 12 governors called on lawmakers to pass the STATES Act, a bill that amends the Controlled Substances Act to create an exemption for state-legal marijuana activity. That bill would effectively protect banks dealing with cannabis businesses.
“Our states have acted with deliberation and care to implement programs through thoughtful and comprehensive legislation and regulations,” the governors wrote. “Our citizens have spoken, we are responding. We ask that Congress recognize and respect our states’ efforts by supporting and passing the STATES Act.”
Confusion in the finance industry over marijuana policy appears to be coming to a head in the United States. As federally backed banking institutions continue to reject clients who deal in the marijuana industry, more businesses are turning to a handful of institutions that are willing to serve cannabis growers, processors and retailers—but the regulators said that’s only a temporary solution.
One example of the consequence of state and federal policy conflicts was recently reported by Marijuana Moment. A candidate running for a Florida agricultural commission seat was told that her Wells Fargo account would be closed after the bank discovered donations from “lobbyists from the medical marijuana industry.”
“A majority of states now have medical marijuana programs and it has become increasingly necessary to craft policy to respond to emerging challenges in this rapidly growing industry,” the new letter from financial regulators concludes. “We must work together to look for solutions rather than avoiding this challenge and ignoring the new policy landscape.”
See the original article published on Marijuana Moment below:
Recent polls indicate support for medical cannabis legalization is hovering around 90% amongst American voters, likely making it the most popular issue in the country this election cycle. Increasing numbers of Congressmen – perhaps a majority in the House of Representatives – have pledged to support medical cannabis legalization for a host of reasons ranging from states’ rights to criminal justice reform to economic growth.
We believe it’s time for Congress to vote on medical cannabis legalization and right an injustice that has plagued this nation for decades. The prospect of having this vote before the midterm elections makes even the most ardent supporters nervous. Echoing the arguments made against Women’s Suffrage, the Civil Rights Movement, and Marriage Equality, many contend that it’s not the right time to force a vote – if we’re just patient, in a few years, the time will come.
For the millions of predominately African American and Hispanic Americans imprisoned for cannabis-related offenses, for the thousands of dispensary owners being taxed out of existence by 280e, and for the tens of millions of patients being denied effective treatment by outdated laws, there is no comfort in, “the time will come.” For them, justice delayed is justice denied.
MassRoots is launching #LegalizeNow, a docuseries covering the progression of medical cannabis legalization in the United States, including the movement for a discharge petition on the STATES Act. Should 218 members of the House of Representatives sign this discharge petition, the STATES Act to legalize medical cannabis will be brought to a vote this fall.
We’re calling on all Americans to leave a video testimonial at LegalizeNow.com on the reasons you support medicinal cannabis legalization and the impact cannabis has had on your life.
We recognize this movement is a long-shot: Congress has never voted on medical cannabis legalization and some critics say it will never happen. However, all great movements start with a small group of passionate supporters working tirelessly against all odds.
For the patients, prisoners, activists, and entrepreneurs of the legalization movement, let’s #LegalizeNow!!!
This year’s U.S. Senate race in Nevada has become one of the most watched of the cycle, and marijuana is increasingly a central issue as Congresswoman Jacky Rosen (D) ramps up her challenge to incumbent Sen. Dean Heller (R).
During the campaign, Rosen has consistently drawn attention to what she says is Heller’s lack of pushback against U.S. Attorney General Jeff Sessions’s moves to rescind protections for state cannabis laws.
Rosen herself had written to Sessions in January, urging him to reverse his decision to end Obama-era guidance on the issue — known as the Cole Memorandum — that generally allowed states the freedom to enact legalization and regulate their own cannabis industries without federal interference.
ICYMI: I sent a letter to AG Jeff Sessions demanding @DeptofJustice end its marijuana crackdown. The DOJ shouldn’t interfere with states' rights and halt the progress that has been made on medical and recreational marijuana use in Nevada. pic.twitter.com/UFFAHi6F3W
Meanwhile, Heller also made a statement in response to Session’s decision: “Knowing Attorney General Sessions’ deference to states’ rights, I strongly encourage the DOJ to meet with Governor Sandoval and Attorney General Laxalt to discuss the implications of changes to federal marijuana enforcement policy. I also urge the DOJ to work with the congressional delegations from states like Nevada that have legalized marijuana as they review and navigate the new policy.”
However, as Rosen pointed out in January, Heller is the only Republican senator up for re-election this year who’s both from an adult use cannabis state and also voted to confirm Sessions as attorney general.
On various counts, Rosen has vocalized her support for legal marijuana — citing benefits like job creation and tax revenue — as well as her commitment to protecting state cannabis industries from federal interference, all while simultaneously attacking Heller for his relative passivity on the issue.
Senator Heller stood on the sidelines while Jeff Sessions attacked our marijuana industry.
“Nevada voters chose to legalize recreational marijuana in 2016, and states like Nevada have shown that allowing responsible adults to purchase marijuana legally supports our state budget, creates new jobs and businesses, and drives our economy instead of making our broken criminal justice system worse,” Rosen said in a press release about signing on to the Regulate Marijuana Like Alcohol Act. “I believe it’s time to end the federal prohibition on marijuana, start regulating this product like alcohol, and get rid of barriers for states like ours where voters have made this decision to move forward.”
Nevada's marijuana industry has created thousands of jobs and continues to exceed revenue projections. In the Senate, I'll keep fighting to support these workers and protect these businesses from federal interference. https://t.co/iOpOmOXf1V
But he has not signed onto the CARERS Act or the banking bill in their current iterations during the 115th Congress.
Though Heller has discussed cannabis under the umbrella of states’ rights, in 2007, as a House member, he voted against an amendment shielding state medical marijuana laws from federal interference.
By 2015, Heller made a statement that “the time has come for the federal government to stop impeding the doctor-patient relationship in states that have decided their own medical marijuana policies.”
Meanwhile, NORML gave Heller a B grade in its congressional scorecard last year. Rosen will receive an A in the organization’s forthcoming analysis of the current Congress, and Heller is being downgraded to a C for “not representing his constituents,” NORML Political Director Justin Strekal told Marijuana Moment.
NORML is getting ready to release it's 2018 scorecard and challenger ratings. Lots of interesting races, like in #Nevada where @RepJackyRosen will have an A for cosponsoring the STATES AcT against @SenDeanHeller who has yet to put his name on comprehensive reform legislation.
Since January, Rosen has been active on Twitter, posting about marijuana at least two dozen times. Heller, on the other hand, has not tweeted anything on cannabis issues.
Two years ago, Nevada voters approved legalization by a margin of 54 percent to 46 percent. This year, it could end up being the case that a contrast on cannabis issues makes the difference in what is expected to be a very close Senate race.
See the original article published on Marijuana Moment below: