SAFE Banking wants to change marijuana business model

Published: May. 16, 2019 at 7:59 PM CDT
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Though marijuana-related companies are allowed in states where it's legal, they can't use banks because it's still banned at the federal level. But the SAFE Banking act wants to change that.

It would allow companies to utilize banks and move beyond a cash-only business model, which currently leaves these businesses vulnerable.

"It creates a criminal opportunity, a public safety problem, and what the bankers of North Dakota and the bankers across the country are saying, we need to get this business up. Do not put banks and do not put our tellers in the middle of this," said Rick Clayburgh, North Dakota Bankers Association president.

Clayburgh says that this act isn't advancing legalization of marijuana.​

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