Olympia, WA – A resolution by the National Association of State Treasurers (NAST) passed today, in which the Association is voicing their support for Congress to advance legislation allowing the states with legalized cannabis the ability to bring transactions into the safety and scrutiny of the national banking system.
resolution does not take a position as to whether cannabis should be federally
legalized, however it does signify support from state treasurers for federal
legislation on banking options for money earned through legal cannabis
cannabis exists in 33 states for medicinal purposes, including ten states and
the District of Columbia that allow recreational marijuana.
classified as a schedule 1 drug federally, leaving banks and businesses in the
industry vulnerable to potential federal prosecution. The result is businesses
handling their finances in all cash, outside of the U.S. banking system, which
has led to safety concerns among the country’s treasurers in recent years.
Washington State Treasurer Duane Davidson, Washington cannabis retailers want
access to banking and financial services for their legal marijuana dollars.
office in 2016, Treasurer Davidson has been a proponent for creating avenues to
legal banking in the marijuana industry, initially sponsoring the resolution as
Chair of the NAST Banking Committee.
partnership with Oregon State Treasurer Tobias Read, chair of the NAST
Legislative Committee, the resolution was brought forth to the Executive
Committee and the general membership, whom voted in majority favor of passing
resolution is a bipartisan message to Congress,” Treasurer Davidson said. “It
took serious consideration and partnership from state financial leaders to
clearly call out for support of common sense federal laws.”
NAST is a
national organization with objectives to foster closer professional
relationships and the exchange of ideas among the state treasurers.
https://www.tre.wa.gov/wp-content/uploads/legal-tender.jpg34565184Adam Johnson/wp-content/uploads/tre-seal.pngAdam Johnson2019-05-20 15:24:252019-06-20 18:47:12National Association of State Treasurers Passes Resolution on Cannabis Banking