U.S. Senator Cory Gardner (R) testified Tuesday at the Senate Committee on Banking, Housing and Urban Affairs to address challenges for the cannabis industry in states where marijuana is legal.
Since the drug is currently illegal at the federal level, banks are not allowed to provide services to marijuana businesses -- even in states like Colorado where it is legal.
Multiple bank representatives were on capitol hill to discuss the issues
Gardner spoke about the need for change as well as the legalization of marijuana nationwide.
"In a time where all the talk is about how divided we are in a country, we are remarkably united on this issue," Gardner said. "Given that support, it shouldn't be surprising that the vast majority of states have changed their laws -- 47 states now allow some form of cannabis."
Oregon Senator Jeff Merkley during the hearing said, "I've heard from dozens of people operating perfectly legal businesses who have been forced to deal entirely in cash or risk having business and personal bank accounts or lines of credit cutoff."
The SAFE Banking Act, co-introduced by U.S. Rep. Ed Perlmutter, now has 206 co-sponsors in the House and a companion bill in the Senate.
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