State regulators urge Congress to remove barriers for marijuana-related businesses

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Pennsylvania Secretary of Banking and Securities Robin L. Wiessmann recently led a coalition of financial regulators from several states in requesting that Congress address barriers to financial institutions aiming to serve businesses involved in state-licensed marijuana activities.

Wiessmann and regulators from 12 other states requested that Congressional leaders consider legislation that would either provide protection to financial institutions serving businesses operating legally under state law or give states full oversight and jurisdiction of marijuana-related activity.

According to the letter, conflicts between federal and state laws and lack of clarity in federal regulations have created barriers to financial institutions.

The state regulators expressed concerns regarding public safety and difficulty of tracking the flow of funds as well as a loss of economic activity and workforce development and community development opportunities.

“A majority of states now have medical marijuana programs, and it has become increasingly necessary to craft policy to respond to emerging challenges in this rapidly growing industry,” Wiessmann said in the letter. “We must work together to look for solutions rather than avoiding this challenge and ignoring the new policy landscape.”