A pair of state leaders are calling for more flexibility in the federal regulations that allow state-licensed marijuana producers, processors and retailers to access to the banking system.
Both Gov. John Hickenlooper and Washington Gov. Jay Inslee co-wrote a letter to several federal treasury officials, calling for regulators to provide guidance to allow the banking industry to offer full banking services to state marijuana licensees.
The letter says that hundreds of stores will soon be licensed by both states and each of them will not have a normal banking relationship. This will cause those businesses to operate on an all-cash basis.
The letter goes on to ask for the federal government to allow marijuana producers to accept credit and debit cards, reducing the amount of cash in the system.
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