LOS ANGELES - Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan. Congress on Wednesday, Feb. 13, 2019, was urged to fully open the doors of the nation's banking system to the legal marijuana industry, a change that supporters say would reduce the risk of crime and resolve a litany of problems for pot companies from paying taxes to getting a loan. California Treasurer Fiona Ma, whose state is home to the nation’s largest legal pot market, called the measure a critical step for the rapidly expanding industry. The proposal, he said, “would offer the needed clarity” for more financial institutions to welcome the marijuana industry as customers. Republican Rep. Blaine Luetkemeyer of Missouri said the proposal would create confusion while marijuana remains illegal at the federal level.

Source: thestar February 13, 2019 23:18 UTC