8-27-2018
OLYMPIA, Wash. — Washington is among thirteen states sending a letter to congressional leaders asking for legislation to clarify and regulate how financial institutions can serve legal pot shops.
The State Department of Financial Institutions says the conflict between federal and state law created barriers for institutions that want to work with pot-related businesses.
Pot shops are forced to deal primarily in cash, which the coalition of banking regulators says puts both the businesses and their employees in danger.
The coalition of banking regulators also wrote of their concerns about difficulty tracking funds, loss of economic activity, and loss of “community development opportunities.”