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Ed Perlmutter

Marijuana banking debate returns to Congress and Rep. Perlmutter is optimistic

Eight years after it was first introduced, federal legislation that would give cannabis companies in Colorado and across the country access to the banking system is back in Congress. And its co-sponsors, Democrat and Republican, are sounding bullish. The Secure and Fair Enforcement Banking Act, or SAFE Banking Act, has been introduced every Congress since 2013 by U.S. Rep. Ed Perlmutter, an Arvada Democrat. It has passed the House on several occasions but never the Senate. Perlmutter expects that to change this year, he said during a conference call Friday. Sen. Sherrod Brown, an Ohio Democrat who chairs the Senate Banking Committee, has told Perlmutter that he expects the committee to debate and vote on the bill for the first time. Read the rest of this story on DenverPost.com.

Cannabis industry may finally move past cash as Democrats look to loosen banking restrictions

Colorado’s cannabis industry has been forced to deal primarily in cash for years due to banking restrictions that pot advocates and banking lobbyists say put shops, growers and others at risk of theft. The industry is now cautiously optimistic this year that, with Democrats in power in Washington, its eight years of trying to lift those restrictions on banks and credit unions will pay off. Because marijuana remains an illicit drug under federal law — and banking the proceeds of illicit drug sales is a federal crime — credit unions and banks are limited in their ability to work with cannabis companies, and take risks when doing so. As a result, the large and growing marijuana industry still remains cash-only, seven years after legalization in Colorado. “We’ve got people who are still dealin...

Banking for marijuana companies included in Congress’ new $3 trillion coronavirus stimulus bill

Cannabis industry advocates applauded House Democrats on Tuesday after a new $3 trillion federal stimulus bill included provisions to allow marijuana businesses access to banking. Introduced by House speaker Nancy Pelosi, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes wide-ranging goals to address the effects of the coronavirus pandemic, from offering financial assistance to state and local governments to forgiving student loan debt. Wrapped into the massive, 1,815-page bill is an initiative led by Colorado Democratic Rep. Ed Perlmutter known as the Secure and Fair Enforcement (SAFE) Banking Act, which would allow legal cannabis businesses to leverage traditional banking services. Read the rest of this story on DenverPost.com.

Marijuana banking bill gets pushback from Colorado’s Buck, Lamborn

Twelve members of the U.S. House of Representatives, including two from Colorado, are publicly pushing back against a federal bill that would give legal cannabis businesses access to banking services. Craig F. Walker , The Denver PostU.S. Rep. Ken Buck in 2014 (Denver Post file) In a Feb. 13 letter sent to Mike Crapo, chairman of the Senate Committee on Banking, Housing and Urban Affairs, Reps. Ken Buck, R-Windsor, Doug Lamborn, R-Colorado Springs, and 10 other Republican representatives applauded the chairman’s concerns about the Secure and Fair Enforcement (SAFE) Banking Act and urged him to “stand strong” in his assessment of the risks posed by allowing dispensaries, cultivations and other businesses access to the federal banking system. Read the rest of this story on DenverPost.com.

Perlmutter, House co-sponsors push Senate for swift action on marijuana banking bill

U.S. Rep. Ed Perlmutter and three other congressmen who’ve been pushing to give cannabis businesses access to banking services expressed hope Tuesday their bill would move through the Senate soon. In a letter sent to Mike Crapo, chairman of the Senate Committee on Banking, Housing and Urban Affairs, the Arvada Democrat and Reps. Steve Stivers, R-Ohio, Denny Heck, D-Wash., and Warren Davidson, R-Ohio, addressed the chairman’s concerns about the Secure and Fair Enforcement (SAFE) Banking Act while urging him to take swift action. In his comments published Dec. 18, Crapo recommended adding public health and safety requirements to the legislation, such as requiring potency disclosures and a potential 2% THC limit on products before allowing banks to do business with cannabis companies, and rul...