Missouri Gov. Signs Bill Facilitating Cannabis Banking Access

MISSOURI – In a move to support the state’s cannabis industry, Missouri Governor Mike Parson has approved legislation that enhances banking access for cannabis businesses while mandating fingerprint background checks for newly hired employees and contractors.

Marijuana Moment reports that despite cannabis legalization in many states, banks have remained cautious about serving the cannabis industry due to its federal illegality. However, the newly approved bill enables the Department of Health and Senior Services to share crucial information with banks, with the intention of simplifying procedures and minimizing redundant tasks.

“In lieu of doing our own inspections, it’d be very, very helpful for us to be able to get this information from the Department of Health and Senior Services to make the program fluid and keep us in compliance with federal regulators,” said CEO of Triad Bank, Jim Regna

Additionally, the legislation broadens the scope of fingerprinting obligations to encompass all personnel involved in Missouri’s cannabis industry, including employees, contractors, and volunteers.

This measure is intended to bolster public safety and ensure regulatory compliance. However, critics raise apprehensions regarding potential delays in hiring new cannabis employees .

Those in support of the bill highlight the need for federal legislation, such as the SAFE Banking Act, to enable secure and legitimate banking services for the growing cannabis industry.