LOS ANGELES - State legislators from Oregon and across the nation are calling on Congress to lift the federal prohibition on cannabis and remove it from the federal Controlled Substances Act so legal businesses in this industry can begin accessing banking services.
The National Conference of State Legislators passed a directive Wednesday urging Congress to help legal cannabis businesses access banking services and let states determine their own path forward on cannabis regulation.
The action – crafted by Oregon legislators – was taken at the group’s annual conference, currently underway in Los Angeles.
Earlier this year, California became the largest recreational cannabis market in the United States. Because the federal government lists cannabis as a Schedule I controlled substance, cannabis businesses are not able to access traditional banking services.
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