Rep. Mike Coffman urges action on marijuana banking bill

By: Associated Press
March 24, 2014 Updated: March 24, 2014 at 1:23 pm

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.

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