A bill introduced by Colorado Rep. Ed Perlmutter that would allow banks to serve marijuana-related businesses without fear of penalties from the federal government got a boost Tuesday from a bipartisan coalition of state attorneys general.

A letter sent to leaders in Congress Tuesday by 19 state attorneys general requests advancement of legislation such as the Secure and Fair Enforcement (SAFE) Banking Act to “provide a safe harbor” for banks that provide financial products or services to state-legal marijuana businesses.

The recent rescission by U.S. Attorney General Jeff Session of Obama-era guidance for the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding banks doing business with marijuana firms has made the need for Congressional action more urgent, the attorneys general said.

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Alex Pasquariello ~ TheCannabist.co ~