National Association of State Treasurers urges banking for legal cannabis

By Brandon Dunn

Hundreds of legal businesses throughout the country consistently struggle to find secure methods of paying employees, tracking payment and processing information, accepting payment for invoices and sales, and storing cash.

In recent weeks, amid increased congressional support, more and more agencies and associations have stepped forward to echo the calls on regulators to push forward federal banking reforms for legal cannabis businesses.

The latest entity to champion the cause comes in the form of the National Association of State Treasurers with the passage of a resolution on Friday May 17th supporting regulation and service for legal cannabis businesses in states that have adopted medical or adult use policies.

“NAST Supports common sense federal laws and regulations to provide essential banking services to state legalized cannabis businesses,” the resolution reads in part.

Citing safety concerns for customers and business owners, as well as the issues of tracking and preventing illicit use of cash only businesses – NAST expressly writes that while they make no resolution and have no official position as to the legality of cannabis, the industry necessitates banking regulation for the protection of states with legal markets as well as those without.