Colorado’s cannabis industry has been forced to deal primarily in cash for years due to banking restrictions that pot advocates and banking lobbyists say put shops, growers and others at risk of theft. But the senator to watch is Sherrod Brown, an Ohio Democrat and incoming chairman of the Senate Banking Committee. Ed Perlmutter, an Arvada Democrat, to lift restrictions on banking cannabis proceeds. As a result, the large and growing marijuana industry still remains cash-only, seven years after legalization in Colorado. “We’ve got people who are still dealing in cash; we’ve got employees still being paid in cash. The Secure and Fair Enforcement Banking Act, or SAFE Banking Act, has been introduced every Congress since 2013 by Rep.
Colorado’s cannabis industry has been forced to deal primarily in cash for years due to banking restrictions that pot advocates and banking lobbyists say put shops, growers and others at risk of theft. The industry is now cautiously optimistic this year that, with Democrats in power in Washington, its eight years of trying to lift those restrictions on banks and credit unions will pay off.
Because marijuana remains an illicit drug under federal law — and banking...
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