Democrats urge feds to update banking ‘red flags’ on legal marijuana businesses 

By: - November 17, 2023 4:30 am

Twenty members of Congress, who mostly represent states where recreational marijuana is legal, said in a Nov. 21, 2023 letter that 2014 guidance from the Treasury Department’s Financial Crimes Enforcement Network to put “red flags” on marijuana businesses hurts the businesses’ chances of securing banking services or loans. (Photo via Getty Images)

The federal government unfairly penalizes state-legal marijuana businesses whose owners have been convicted of marijuana-related crimes, restricting them from loans and other banking tools, a group of U.S. Senate and House Democrats wrote to the Treasury Department asking for a change in policy.

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Jacob Fischler
Jacob Fischler

Jacob covers federal policy as a senior reporter for States Newsroom. Based in Oregon, he focuses on Western issues. His coverage areas include climate, energy development, public lands and infrastructure.