Business Owners, Lawmakers Discuss Banking With KC Fed

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Cannabis business owners and Colorado Reps. Ed Perlmutter and Jared Polis met on Thursday with the head of the Federal Reserve Bank of Kansas City to discuss the lack of banking in the industry.

KC Fed President Esther George wasn’t in a place to say “yes, no or maybe” to any regulations that would make banking easier for cannabis businesses, and she “was very circumspect in her remarks,” Perlmutter said on a call Thursday with reporters.

Still, the overall goal of the meeting was to ensure George is at least aware of the issues marijuana companies face with regards to banking.

Cannabis business owners talked about the troubles they face, including one unnamed dispensary owner who had gone through 12 bank accounts in the time she’s been operating.

Along with the congressmen and several business owners, also present were Andrew Freedman, the director of marijuana coordination for the state of Colorado, and Don Childears, president of the Colorado Banker’s Association.