Yellen would welcome US legislation to aid cannabis banking access

PC party leader attends the protest in support of fishermen | SaltWire #newsupdate #newfoundlandWASHINGTON - U.S. Treasury Secretary Janet Yellen said on Thursday she would welcome legislation that would rectify the conflict between federal and state laws on the sale and use of marijuana that is preventing cannabis firms from accessing the banking system.

Some 38 states have approved marijuana for medical use and 24 have approved its recreational use, but cannabis sales remain illegal at the national level. "The fact that marijuana is outlawed by the federal government creates an impediment to willingness to provide banking services, services to cannabis firms, and it creates all the problems that you're familiar with," she said.

"I think legislation may be necessary to raise the comfort level that banks have in doing this business," she said.

Source: Financial Digest (financialdigest.net)

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