Cuomo, 20 other governors push for law to open banking system to cannabis-related businesses

National News

FILE – In this June 27, 2017, file photo, Jerred Kiloh, owner of the licensed medical marijuana dispensary Higher Path, stocks shelves with with cannabis products in Los Angeles. Weedmaps a major online pot shop directory and cannabis marketplace announced Wednesday, Aug. 21, 2019, that it will no longer allow black-market businesses to advertise on its site, a decision that could boost California’s efforts to rein in its vast illegal market. Kiloh, who heads the United Cannabis Business Association, an industry group, projected that half of California’s illegal operations could dry up once they are denied access to Weedmaps ads. (AP Photo/Jae C. Hong, File)

WASHINGTON (NEWS10) — Gov. Andrew Cuomo, chair of the National Governors Association, and 20 other governors want states with legalized marijuana to operate safely under the national banking system.

According to Cuomo’s office, the SAFE Banking Act would allow banks and credit unions to provide services to state-licensed, cannabis-related businesses. A letter to congressional leaders and the urging passage of the bill was signed by a bipartisan group of lawmakers.

Thirty-six states, four territories, and the District of Columbia have legal medical weed; only 18 states, two territories, and D.C. also allow legal recreational use for adults over 21.

Read the letter from the governors of Massachusetts, New Jersey, Pennsylvania, Connecticut, Colorado, California, Illinois, Louisiana, Maine, Michigan, Nevada, New Mexico, North Dakota, Oregon, Utah, Virgina, Washington state, West Virginia, Wisconsin, and the U.S. Virgin Islands below:

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