ATTORNEY GENERAL JANET MILLS SIGNS ONTO BIPARTISAN SUPPORT FOR REVIEW OF FEDERAL BANKING REGULATIONS AS THEY APPLY TO MARIJUANA

January 16, 2018

ATTORNEY GENERAL JANET MILLS SIGNS ONTO BIPARTISAN SUPPORT FOR REVIEW OF FEDERAL BANKING REGULATIONS AS THEY APPLY TO MARIJUANA

Attorney General Janet Mills today signed onto a letter submitted by a bipartisan group of 19 Attorneys General to Congressional leaders urging them to review federal banking regulations as they apply to the growing marijuana industry in states that have legalized marijuana. The letter requests legislation that would provide a safe harbor for institutions that provide financial services to covered businesses in states that have implemented laws and regulations that ensure accountability in the marijuana industry.

“The federal government needs to bring its practices in line with the states that have seen fit to legalize marijuana, encouraging those businesses to use established banking institutions and to protect those financial institutions from federal sanction. We need to do away with cash based transactions that carry with them a lack of accountability and that sometimes lead to violent crime,” said Attorney General Janet Mills.

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Supporting documents

Final letter of bipartisan support on federal banking regulations as relating to marijuana