Attorney Generals Collaborate On US Cannabis Banking Crisis

Medical and recreational sales must take place from separate points-of-sale in Colorado dispensaries

EXPAND Medical and recreational sales must take place from separate points-of-sale in Colorado dispensaries. Scott Lentz

On Tuesday, Schatz sent a tweet to Americans anxious about Sessions' newest policy, and noted that all Republicans in Senate voted for his confirmation.

Attorney General Xavier Becerra joined a bipartisan group of 18 state attorneys general in urging Congress to advance legislation that will enable the cannabis industry to participate in the banking system in states that have legalized medicinal or adult use of cannabis. "Studies show that when patients are able to pay in plastic and other means besides just cash your buyers will spend more at your business and it will be more fruitful".

Attorney General Elizabeth Barrett-Anderson said, "I believe the banking industry is supportive". Additionally, law enforcement is less able to track potential financial crimes, and it is more hard for businesses to pay-and for the state to collect-tax deposits.

- The federal government says grass and guns don't mix, and that is putting gun owners who use marijuana - and the strongly pro-gun-rights administration of President Donald Trump - in a potentially uncomfortable position. "However, because federal government classifies marijuana as an illegal substance, banks providing services to state-licensed cannabis businesses could find themselves subject to criminal and civil liability under the Controlled Substances Act and certain federal banking statutes", the letter states.

"Banks and other depository institutions are now hindered by federal law from providing financial services to cannabis businesses".

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Weed was a $7.9 billion business in 2017, before California began legal recreational sales, and if legalized throughout the USA, sales are projected to produce over $130 billion in tax revenue and create over 1 million jobs by 2025.

Back in late 2015, we reported around 60% of U.S cannabis companies didn't have bank accounts for their businesses as a result of the situation.

Eight states, including California, have legalized recreational cannabis.

Institutions under the University of California system, California State University system, as well as community and private colleges do not allow marijuana on university grounds, according to The Sacramento Bee.

Under its new law, Vermont residents can carry up to an ounce of marijuana for personal, recreational use and grow, though commercial sales are still prohibited.

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She remained largely silent on the philosophical issue of legalizing marijuana during the 2016 campaign, but warned voters about flaws in the citizens' initiative, such as one that removed juvenile marijuana possession penalties from state law, and its failure to address issues such as drugged driving, taxation or testing.

Despite the widespread use of marijuana, US law enforcement continues to pour resources into fighting weed consumption.

Where we differ is that we believe Oregon's legalized cannabis program is a success, even when it is not ideal.

A spokeswoman for Dave Freed, the new US attorney in Harrisburg, said only that criminal investigations and prosecutions "will be based on a fair and transparent fact-intensive inquiry of individual cases".

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