State lawmakers are calling for federal marijuana legalization and banking reform

Through Johanna Skopl

The National Conference of State Legislatures (NCSL) recently voted to pass a revised policy expressing its support for federal marijuana debt relief and cannabis banking reform, Marijuana Moment reported.

The measure was passed by vote at the organization’s 2022 legislative summit on Wednesday. A state lawmaker present at the event told Marijuana Moment that most of the discussion leading up to the vote focused on the need for federal banking reform. However, there was no debate about the language of legalization.

Photo by Olena Ruban/Getty Images

In 2017, NCSL passed a policy calling for the rescheduling of cannabis. However, the latest measure, revised this year, suggested that states should be able to set their own cannabis policies without federal intervention.

To reinforce this position, NCSL members voted to include an explicit call for legalization at the federal level. Another new section was added to the policy guideline, urging Congress to also pass cannabis banking reform.

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“Under federal law, cannabis businesses in states that have legalized the sale of cannabis cannot use the country’s banking system, forcing them to operate primarily as cash-only businesses,” the NCSL policy states.

“This reliance on cash makes cannabis companies prime targets for theft, burglary, armed robbery and other property crimes. NCSL urges Congress to pass legislation allowing financial institutions to provide banking services to legitimate federally authorized cannabis businesses,” the policy reads.

This year’s summit, held in Denver, called for clearer language in its support for action by Congress to address the issue. Additionally, the summit included an NCSL-sponsored visit to a cannabis cultivation facility in Colorado hosted by Columbia Care.

The group also hosted a panel focused on how lawmakers are using data to develop state cannabis laws. To that end, a representative from the federal Centers for Disease Control and Prevention (CDC) attended the event.

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“The policy-making process often provides opportunities to develop rules and regulations that address common public health and safety concerns and measure data over time,” NCSL said in a summary document.

“Early involvement of state and local health officials brings a range of perspectives and expertise to the policy-making process, according to the interviews. Early and newer states have looked to one another for examples of evolving policies and new ideas, creating an ever-changing policy landscape.”

This article originally appeared on Benzinga and has been republished with permission.