US state treasurers discuss cannabis banking challenges

State treasures from across the U.S. participated in a panel on Tuesday that focused on federal cannabis banking reform as part of a three-day conference organized by the National Association of State Treasurers (NAST) that was attended by stakeholders and congressional officials.

Moderated by Colorado Treasurer Dave Young, the panel discussed the “history, challenges, and prospects for SAFE banking laws that would allow legal cannabis businesses into the mainstream banking system,” according to an event description.

The Secure and Fair Enforcement (SAFE) Banking Act was a focal point of the discussion. That bill, sponsored by Rep. Ed Perlmutter (D-CO), would protect financial institutions that choose to service state-legal cannabis businesses from being penalized by federal regulators. It’s passed the U.S. House of Representatives in some form six times but has yet to advance in the Senate under either Republican or Democratic control.

Perlmutter’s senior legislative assistant Colin Anonsen spoke on the NAST conference panel, alongside representatives of Scotts Miracle-Gro and the American Bankers Association (ABA).

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