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AG Coffman Urges Congress to Update Banking Laws Regarding Legally Operating Marijuana Businesses

DENVER- Today, Attorney General Cynthia H. Coffman joined a bipartisan group of Attorneys General in sending a letter to Congress urging them to take the necessary legislative actions to allow legal marijuana businesses access to banking services.


“Opening a bank account is often one of the first steps a new business takes, but given the currently outdated federal banking laws, the multi-billion dollar legal marijuana industry is forced to remain in the financial shadows running cash-only businesses,” said Attorney General Coffman. “I urge Congress to take the necessary action to bring that commerce into the banking system, which will address certain public safety concerns, and allow law enforcement, regulators and taxing authorities to better monitor these businesses.”


A copy of the letter can be found on the right side of this webpage. 


Attorney General Coffman wrote and Op-Ed for the Washington Post that addressed this issue which can be found at: https://www.washingtonpost.com/opinions/it-is-too-late-to-dismantle-the-marijuana-industry/2018/01/12/42e7ccd2-f700-11e7-b34a-b85626af34ef_story.html?utm_term=.b9edce8f276b


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CONTACT
Annie Skinner
Colorado Attorney General’s Office
720-508-6553 or Annie.skinner@coag.gov