Cannabis businesses have real trouble securing banking services, due to the fact their product remains illegal under federal law. Today the Senate Banking Committee held a hearing to explore that conundrum and potential solutions. CEI Senior Fellow John Berlau makes the case that lawmakers need to prioritize changes that make banks comfortable doing business with industries that states have legalized.
“CEI commends the Senate Banking Committee for holding this hearing on legal challenges for banking related to cannabis products that are permitted under the laws of various states. Banks and credit unions should not be subject to punishment or threat of punishment for doing business with producers and retailers of products that states have declared legal within their borders. CEI is examining legislative and regulatory solutions to provide more legal certainty to banks and credit unions as well as entrepreneurs and consumers involved in commerce of these products.”