Lawmaker Says Maine Cannabis Needs Bank, Insurance Access

January 16, 2020

A Maine legislator is calling on the state’s legislative body to push the U.S. Congress to make banking and insurance accessible to legalized cannabis businesses.

Republican Rep. John Andrews of Paris, Maine, said he intends to introduce a resolution to the Maine Legislature calling for Congress to make the moves. Many legal cannabis businesses operate mostly with cash and with no insurance because of federal regulations, 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 delegation, Andrews said.

Andrews said lack of access to banking and insurance has the ability to hold back businesses in the state, and the federal government should respect state law. Maine voters legalized marijuana with a statewide vote in 2016.

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