420 with CNW — Insurance, Labor and Financial Groups Urge Legislators to Enact Cannabis Banking Reform
Recently, the United Food and Commercial Workers Union, Credit Union National Association, the American Bankers Association and 11 other organizations sent a letter to Senate leadership urging members to enact cannabis banking reform as part of the National Defense Authorization Act. The letter implores members of the Senate to adopt language that protects financial institutions that work with state-legal marijuana businesses in the defense bill. Federal data shows that most financial institutions are hesitant to have marijuana companies as clients, which is most probably because of the plant’s classification in the Controlled Substances Act. In the new letter, the labor…

















