AYRWF - Treasury Sec. Yellen 'supportive of' banking bill for cannabis companies

Treasury Secretary Janet Yellen indicated during a House committee hearing on Wednesday that her department is "supportive of" legislation that would allow cannabis companies to do business with U.S. financial institutions. Responding to a question from Rep. Ed Perlmutter (D-Colo.), sponsor of the SAFE Banking Act, Yellen said, "We've worked with you on this bill. We're supportive of it." Yellen told members of the House Financial Services Committee that she shared Perlmutter's frustration that progress on the bill hasn't been made, Marijuana Moment reported. Perlmutter also asked Yellen to tell the Biden administration of the need to pass the SAFE Banking Act either on its own or as part of the America COMPETES Act. The congressman and state officials have said that the banking legislation addresses a public safety issue also as marijuana dispensaries are cash-only businesses and are often targeted by robbers. Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF);

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Treasury Sec. Yellen 'supportive of' banking bill for cannabis companies