Marijuana-related businesses often have trouble getting access to banking services, even in states where cannabis has been legalized. US Senator Elizabeth Warren wants to change that.
Elizabeth Warren and several other US Senators have asked the Financial Crimes Enforcement Network to stop punishing banks that do business with cannabis-related businesses in states where these have been legalized.
In a letter to the agency, the Senators wrote: "Most banks and credit unions have either closed accounts or simply refused to offer services to indirect and ancillary businesses that service the marijuana industry. A large number of professionals have been unable to access the financial system because they are doing business with marijuana growers and dispensaries."
Senator Warren has built her political career around advocacy of financial reforms. She been a high-profile critic of malfeasance by Wall Street, and an advocate for making the financial system better serve the interests of consumers and middle-class families.
