Congress urged to allow legal marijuana businesses access to bank services

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Bank officials and others urged Congress on Wednesday to fully open the doors of the U.S. banking system to the state-legal marijuana industry, a change supporters say would reduce the risk of crime and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan.

California Treasurer Fiona Ma, whose state is home to the nation’s largest legal marijuana market, called the proposed so-called SAFE Banking Act a critical step for the rapidly expanding industry.

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