38 AGs Ask Congress To Advance Marijuana Bill
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38 AGs Ask Congress To Advance Marijuana Bill
Posted by CN Staff on May 09, 2019 at 16:26:04 PT
By Tal Axelrod
Source: Hill
Washington, D.C. -- Bipartisan attorneys general from 38 states and territories sent a letter Wednesday urging Congress to pass legislation to allow banks to work with marijuana businesses legal under state law. The House Financial Services Committee in March sent The SAFE Banking Act the full House, where it has since stalled. It currently has 153 Democratic sponsors and 20 Republican sponsors.
Federal law prevents banks from servicing marijuana businesses despite 10 states and the District of Columbia legalizing the drug and another 33 states allowing possession for medical uses.“The resulting grey market makes it more difficult to track revenues for taxation and regulatory compliance purposes, contributes to a public safety threat as cash-intensive businesses are often targets for criminal activity, and prevents proper tracking of billions in finances across the nation,” the attorneys general wrote, noting that they were not endorsing any individual state’s marijuana policy.“An effective safe harbor would bring billions of dollars into the banking sector, enabling law enforcement; federal, state and local tax agencies; and cannabis regulators in 33 states and several territories to more effectively monitor cannabis businesses and their transactions. Compliance with tax laws and requirements would be simpler and easier to enforce with the regulated tracking of funds in the banking system, resulting in higher tax revenues.” The marijuana industry has continued to boom since legalization efforts began making headway in states, with the attorneys general citing a 2017 analysis that businesses raked in $8.3 in sales that year and that the figure could exceed $25 billion by 2025.Republicans who believe Congress is moving too fast on the issue and from liberal activists who seek more expansive action on federal marijuana legalization have criticized the legislation.Source: Hill, The (US DC)Author: Tal AxelrodPublished: May 8, 2019Copyright: 2019 The HillContact: editor thehill.comWebsite: -- Cannabis Archives 
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Comment #9 posted by Hope on May 15, 2019 at 17:57:09 PT
'Cocaine Mitch' Swag Buys Years More Marijuana Prohibition
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Comment #8 posted by Hope on May 15, 2019 at 17:55:02 PT
Don't buy this shirt!
'Cocaine Mitch' Swag Buys Years More Marijuana Prohibition
[ Post Comment ]

Comment #7 posted by afterburner on May 14, 2019 at 12:49:07 PT
afterburner #6
Our veterans deserve our support and relief from their pain and mental anguish.The "can" was added by autocorrect without my knowledge.
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Comment #6 posted by afterburner on May 14, 2019 at 12:40:42 PT
Hope #5
Great article. Our veterans can deserve our support and relief from their pain and mental anguish. I received an email from NORML regarding the new legislation introduced by Senate Minority Leader Chuck Schumer and Majority Caucus Chairman Hakeem Jeffries that would hasten help for our veterans by descheduling cannabis. The following link gives us the opportunity to contact our Senators and Congressmembers to suggest that they sign on as co-sponsers of the legislation, 
Federal: Support the Marijuana Freedom and Opportunity Act
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Comment #5 posted by Hope on May 14, 2019 at 10:18:12 PT
Very good article.
In States That Won’t Legalize Weed, Veterans Are Changing Minds
And laws.
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Comment #4 posted by The GCW on May 11, 2019 at 17:18:23 PT
John Tyler,
What do I think?Ultimately, I don't know, however, I feel as though:Republicans (Who I associate with bankers more than Dem's) make money different than the way Dem's. While the Repub.'s would certainly welcome additional revenue, they are unlikely to come out against the towed Republican party platform which still mostly opposes cannabis.Somehow, I believe Republicans associate RE-legalizing cannabis as a threat to their wealth... -perhaps due to their higher investment (compared to Dem's) in profiting off the plants prohibition.We're getting closer and closer every day to change that, though, aren't We?
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Comment #3 posted by John Tyler on May 11, 2019 at 08:24:07 PT
banks want it
With all of the millions and millions of dollars , even billions maybe, in cash sloshing around in the legal states cannabis economy you would think the banking industry would be working full time to get legislation passed that would allow them to get in on the money flow action and take their fees. The banks want the extra income. There is no stigma anymore any way. It is just money flowing here and there. It is what banks do. It could possibly make relegalization easier in the rest of the country. Sooner or later the politicians will understand and almost do the right thing I suppose. But then again, maybe some people would not like a money trail that would get created when the banks get involved. What do you think?
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Comment #2 posted by The GCW on May 10, 2019 at 15:05:17 PT
Ask? ASK?
With all the constituents taken into account, the number of states which support,,, number of percentages who support. Mushrooms on the horizon, etc. etc.I believe it's time to quit asking and STARTDEMANDING.EXCLAIMATION POINT! DEMAND!
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Comment #1 posted by Oleg the Tumor on May 10, 2019 at 13:24:01 PT
The Great "Hunh"
When was the last time Congress received a speeding ticket?
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