US mayors approve resolution demanding congress fix cannabis banking issues

An organization representing mayors from across the U.S. adopted a resolution imploring Congress to pass a bill to safeguard banks that work with state-legal cannabis businesses from federal penalties.

The U.S. Conference of Mayors approved the measure during the body's 90th annual meeting on Monday, the 6th of June. Last year, the organization adopted a separate measure calling for an end to federal cannabis prohibition and promoting social equity in the industry. The latest resolution on banking also expresses support for federal legalization bills, including one that passed the House and another that's being finalized by Senate leadership.

This year, the mayors' proposal focuses on cannabis banking reform, which comes at a pivotal time as Congress considers including the bipartisan Secure and Fair Enforcement (SAFE) Banking Act as part of a large-scale manufacturing bill that's currently being negotiated in the bicameral conference.

The whereas section of the measure states that "the conflict between state law and the illegality of cannabis under federal law creates significant challenges and barriers for legally-owned and operated adult-use and medical cannabis dispensaries and cannabis-related companies."

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