From: The Honorable Ed Perlmutter
Reps. Perlmutter, Heck and Rohrabacher invite you to hear from experts who are helping keep our communities safe by working with licensed and regulated cannabis businesses.
Date: Tuesday, February 28
Time: 11:00 a.m.
Location: 2255 Rayburn
- Russell Rosendal – President and CEO, Salal Credit Union (Seattle, WA)
- Lynn Ciani – EVP and General Counsel, Numerica Credit Union (Spokane Valley, WA)
- Patricia Neighbors – CEO, Community Credit Union of Southern Humboldt (Garberville, CA)
- Sundie Seefried – CEO, Partner Colorado CU (Arvada, CO)
Today 29 states allow the sale of medical marijuana while 7 states have legalized cannabis for adult-use. However due to the conflicts between federal and state laws, these
licensed and regulated businesses are prohibited from accessing the banking system. This creates an untenable situation forcing legitimate businesses to operate in cash making them prime targets for crime and robbery.
Only legislation providing a safe-harbor for financial institutions will bring all providers the certainty they need. Several credit unions have attempted to work within
the regulatory framework established under the 2014 FinCEN guidance. However, this minimal framework has not provided the certainty or confidence for credit unions to fully provide their services.
These Credit Union experts have considerable knowledge about the difficulties and challenges associated with lending, processing, and serving businesses and individuals with
gainful employment in the emerging cannabis sector. We encourage you to attend this important briefing.