Missouri Takes a Bold Step: Easing Banking Access for Marijuana Businesses
The Missouri Cannabis Trade Association (MoCannTrade) is celebrating the signing of Senate Bill 63 by Gov. Mike Parson, which will simplify the process for marijuana companies in Missouri to access banking services. This important legislation, which was the top priority for the trade association this year, recently passed the Missouri General Assembly and was signed into law.
Under this new law, marijuana businesses can now request written permission for state agencies to share their application, license, and other regulated or financial information with banking institutions. This arrangement will enable more banks to work with marijuana businesses, as it allows them to follow the Financial Crimes Enforcement Network (FinCEN) guidelines more easily.
Andrew Mullins, Executive Director of MoCannTrade, expressed his enthusiasm, stating, "This couldn't come at a better time. With over 15,000 Missourians employed in the cannabis industry and legal cannabis sales surpassing $1.1 billion, this law will simplify banking services for marijuana companies and have a positive impact on local economies throughout our state."
The support for this legislation extends beyond MoCannTrade, as organizations such as the Missouri Division of Finance, the Missouri Bankers Association, and the Missouri Credit Union Association also backed its passage.
In addition to this state-level progress, MoCannTrade is advocating for federal legislation known as the Secure and Fair Enforcement (SAFE) Banking Act. This act aims to normalize banking at the federal level by prohibiting punitive actions against banks providing financial services to cannabis businesses.
MoCannTrade, also known as the Missouri Cannabis Trade Association, is an association comprising business owners, professionals, patients, and consumers. Its primary goal is to ensure the successful implementation of a safe and compliant medical and adult-use cannabis program in Missouri. The association is directed by a board of diverse professionals with expertise in cannabis production and retail, healthcare, law, pharma, science, agriculture, law enforcement and security, finance, public affairs, and regulatory sectors.
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