Tulsi Gabbard Urges Equal Banking Access For Marijuana Businesses

Rep. Tulsi Gabbard (HI-02) and a bipartisan coalition of lawmakers urged the U.S. Treasury to uphold federal guidance for marijuana-related businesses.

In a letter, the lawmakers called on the U.S. Treasury’s Financial Crimes Enforcement Network  to maintain federal guidance allowing marijuana-related businesses licensed under state law to access financial institutions and banks without facing federal prosecution, reports Weed News.

Eight states and the District of Columbia permit adult recreational use of marijuana. Twenty-nine states including Hawai‘i, the District of Columbia, and the U.S. territories of Guam and Puerto Rico allow medical marijuana use.

“Our outdated and contradictory federal laws on marijuana have created disorder in our economy, leaving state-licensed businesses and banks in confusion and uncertainty. For five years, our federal government ensured protection for financial institutions doing business with state-licensed marijuana-related businesses, only to face a complete reversal of policy under the Trump Administration,” said Gabbard. “Until we remove marijuana from the Federal Controlled Substances List, we must uphold the 2014 U.S. Treasury guidance that improves public safety, reduces fraud, promotes opportunity, and strengthens our economy. That’s why I’m pushing this bipartisan initiative to ensure the U.S. Treasury maintains safe business practices and financial security for legal marijuana businesses in Hawai‘i and across the country.”

Gabbard is just solid on all kinds of issues. She is arguably the most important member of the House right now.

 -RW