League, OBL fight for cannabis banking
Published by: Kim Connor
January 23, 2020 | Government Affairs
When securing a congressional victory, credit unions and banks are sometimes on opposing sides. However, the regulatory impact of cannabis banking continually brings the trade organizations representing Ohio’s financial institutions together. Recently, your League and the Ohio Bankers League urged U.S. Senate Banking Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) to pass H.R. 1595, the SAFE Banking Act, which cleared the U.S. House with a 321-103 bipartisan vote and legalizes banking services for cannabis-related businesses. Since Ohio legalized medical cannabis, dispensaries sold 7,008 pounds of product, with sales totaling nearly $58.3 million. As our state experiences a significant product and hard currency increase, Ohio credit unions and banks seek to fully serve legal community-based businesses without increasing any safety and soundness risk due to the conflict between state and federal cannabis laws. Read the joint letters to U.S. Senate Banking Chairman Mike Crapo and Ranking Member Sherrod Brown urging Congress to clarify how to serve cannabis in a safe and sound manner, or contact League SVP of Advocacy Emily Leite for more information.
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