Washington, Colorado seek banking changes for marijuana

Seattle hosted the HIGHTIMES Magazine’s US Cannabis Cup. The event featured vendors, seminars, smoking, medical marijuana sales and more at Fremont Studios in the Fremont neighborhood. September 8th 2013. The governors of Washington and Colorado are asking the federal government for changes in banking regulations to allow marijuana-related banking and the states continue implementing their voter-approved legal marijuana industries.

In a letter sent Wednesday to federal banking regulators, Washington state Gov. Jay Inslee and Colorado Gov. John Hickenlooper wrote that access to the banking system by soon-to-be state-licensed businesses “is a necessary component” to ensure a highly regulated system.

The letter was sent to Jacob Lew, Secretary of the Treasury; Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve; Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation; Thomas Curry, Comptroller of the Currency in the Office of the Comptroller of the Currency; Richard Cordray, Director of the Consumer Financial Protection Bureau; and Debbie Matz, Chairman of the National Credit Union Administration.

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