The National Association of State Treasurers (NAST) reaffirmed its support for the SAFE Banking Act, which would grant marijuana companies access to traditional banking services.
Though NAST does not take a position on cannabis legalization, the bipartisan treasurers support legislation to fix the cannabis banking problem stemming from federal prohibition, reported Marijuana Moment.
"During today’s State Treasurers Annual Business Meeting, state treasures from across the country agreed to renew a resolution on advancing legislation allowing legal cannabis states the ability to safely participate in the national banking system," tweeted the WA State Treasurer. "Safe Banking Act must pass!"
What Does The Updated NAST Resolution Say?
The section of the updated resolution, which was originally adopted in 2019, reads that there’s an “ongoing conflict between states’ laws legalizing cannabis and current federal laws, resulting in the vast majority of financial institutions refusing to provide banking services to legal cannabis businesses.”
Cannabis businesses …