POLITICS AND GOVERNMENT
Where the Democratic presidential candidates stand on Colorado issues
Ahead of the state’s presidential primary on Super Tuesday, the Democratic candidates talk health care, marijuana, education, public land and beer
Reporting:
Brian Eason
Design:
Design:
Eric Lubbers
Eric Lubbers
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Q: CANNABIS BANKING
Q:
Background: More than six years after Colorado legalized recreational marijuana, a major issue remains unresolved: banking. The U.S. House passed the SAFE Banking Act in 2019 to allow marijuana businesses access to financial services like loans, lines of credit and even bank accounts. These financial services are currently difficult to obtain because the drug is illegal at the federal level. It would also shelter banks and other institutions from prosecution for handling money tied to marijuana. NORML, a marijuana advocacy group, says that absent this sort of law, the billion-dollar state business has effectively been forced to operate in cash, making it more susceptible to theft and other risks. The measure won bipartisan support, but has stalled in the U.S. Senate.
No answer on marijuana banking
A: Biden did not respond to questions and it’s not clear where he stands.
He’s a cosponsor of the legislation
A: In addition, his pledge to legalize marijuana in his first 100 days would address any banking issues for the industry in Colorado, he argues. “Declassifying marijuana will eliminate the current onerous barriers to banking services for growers and dispensaries and allow them to access the banking system like any other business,” his website states.
Worked with Colorado’s senator to draft the bill
A: Warren is a cosponsor of the bill’s companion in the U.S. Senate, once again teaming up with Gardner, Colorado’s Republican senator. "Forcing legitimate marijuana businesses to operate a cash-only business is dangerous. It creates unnecessary public safety issues for communities and business owners," Warren said in a statement when the measure was introduced. "The SAFE Banking Act is a common-sense bill that would advance state efforts to regulate the sale of marijuana and support businesses working to establish reliable business operations."
No answer on where he stands
A: Bloomberg did not not answer this question when asked, and given his varied statements on legalization, it’s not clear where he stands.
Supports the legislation to open banking
A: The candidate supports the SAFE Banking Act, telling The Sun he would “direct the federal government to open banking services to the marijuana industry.”
A cosponsor of the legislation
A: Klobuchar is a cosponsor of the SAFE Banking Act, so she supports the ability of state marijuana companies to access the financial services sector. Her home state is currently debating legalization.
Open to allowing marijuana banking
A: It's not known where he stands on the legislation. But he did say on the campaign trail that the cannabis industry working with so much cash “doesn’t really make sense.”
The Issues
Pick a card to see stances from the candidates.