State Treasurers Reaffirm Support For Federal Marijuana Banking Reform At Annual Meeting

An association of state treasurers has agreed to reaffirm its support for a resolution calling on Congress to enact federal marijuana banking reform legislation.

The National Association of State Treasurers (NAST) moved to renew its support for the measure during its Annual Business Meeting on Monday. The measure states that NAST is not taking a position on cannabis legalization, but the bipartisan treasurers do back legislation to fix the marijuana banking problem stemming from federal prohibition.

There’s an “ongoing conflict between states’ laws legalizing cannabis and current federal laws, resulting in the vast majority of financial institutions refusing to provide banking services to legal cannabis businesses,” the whereas section of the updated resolution, which was originally adopted in 2019, says.

During today’s @StateTreasurers Annual Business Meeting, state treasures from across the country agreed to renew a resolution on advancing legislation allowing legal #cannabis states the ability to safely participate in the national #banking system. #SafeBankingAct must pass!

— WA State Treasurer (@WaTreasurer) September 19, 2022

Because of the limited access to traditional financial systems, cannabis businesses frequently operate on a cash-only basis, which the associations says is “inefficient, expensive, and opaque, making illicit activity more difficult to track and posing

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