Colorado Springs News, Sports & Business

Gazette Premium Content Rep. Mike Coffman urges action on marijuana banking bill

Associated Press - Published: March 24, 2014

DENVER — Rep. Mike Coffman is urging action on legislation that would allow legalized marijuana businesses to use commercial banks.

Republican Coffman is one of the co-sponsors of the proposal, which is stuck in a House of Representatives subcommittee. He writes in his letter to that committee's chairwoman that without formal access to banks, marijuana businesses must rely on cash only. That makes them vulnerable to criminals and harder to tax.

President Obama's administration last month released guidelines allowing banks to do business with the marijuana industry. But many banks say it will take an act of Congress before they are comfortable doing that.

Comment Policy

Our commenting system has changed. Please register or login with your gazette.com account to comment on a story. Click here for information.

You've reached 4 FREE premium stories this month

Simply register to continue. It's free.

Register Learn more

Already registered? Click here to login.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
SEP
23
SEP
24
SEP
25
SEP
26
SEP
27
SEP
28
SEP
29
SEP
30
OCT
1
OCT
2
OCT
3
OCT
4
OCT
5
OCT
6
Advertisement