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Governors call on federal passage of Safe Banking Act to allow marijuana businesses to use banking systems

While New York joined other states in the U.S. legalizing recreational marijuana- there’s still one major roadblock.

It involves banking.

Right now banks and credit unions are not allowed to provide all of their services to businesses that are involved in the sale of marijuana.

The Safe Banking Act would change that.

It’s a federal bill that would allow any state with legalized marijuana to use the national banking system.

“These barriers disincentive financial institutions from providing banking services to state-licensed and regulated cannabis businesses,” Gov. Andrew Cuomo and other governors said in a letter.