Maine lawmaker calls for cannabis banking, insurance reform

Maine legislator John Andrews plans to introduce a resolution in the state Legislature calling for the U.S. Congress to make banking and insurance services accessible to legalized marijuana businesses.

Many licensed cannabis businesses operate on a cash basis and have no insurance because of federal regulations, said Andrews, a Republican.

A lack of access to banking and insurance could hold back marijuana businesses in the state, he said.

Adult-use marijuana sales are expected to begin this spring in Maine.

In September, the U.S. House of Representatives passed the SAFE Banking Act with strong bipartisan support.

Andrews said a copy of the resolution will also go to President Donald Trump, Speaker of the House Nancy Pelosi and each member of Maine’s congressional delegation.

He added that the federal government should respect state laws.

– Associated Press