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Gov. Hickenlooper Statement about Federal Banking Guidance for Licensed Marijuana Businesses


Location: Denver, CO

Gov. John Hickenlooper released this statement today in response to guidance from the federal government related to the banking system and state-licensed marijuana businesses:

"Based on initial reactions in the banking community to the guidance that was issued today, it appears that the language does not provide the clarity that Colorado banks are seeking to provide basic banking services to the emerging marijuana industry.

"While we understand the federal government is in a difficult position, we also hope it realizes that compelling a new industry to conduct all their transactions in cash is an invitation to corruption and criminal activity. We hope that Congress will act to resolve the risk and liability that Colorado banks are being asked to accept."

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