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AGs argue for easing bank restrictions on marijuana businesses

Joe Mont | January 17, 2018

In a Jan. 16 letter to Speaker of the House Paul Ryan, the Senate Banking Committee, and other influential members of Congress, a coalition of state attorneys argues for easing federal restrictions on banks that take on customers associated with the burgeoning marijuana industry.

“We are a bipartisan group of state attorneys general who recognize that the states and federal government share a strong interest in protecting public safety and bringing grey market activities into the regulated banking sector,” the AGs wrote. “ To address these goals, we urge Congress to advance legislation that would allow states that have legalized medical or recreational use of marijuana to bring that commerce into the banking system.”

The letter argues that 29 states and several U.S. territories have legalized the medical use of marijuana. Among those, eight states and the District of Columbia, also allow recreational use by adults over 21 years of age.

“However, because the...

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