Why Missouri banks want access to the state’ marijuana business inspections | KCUR 89.3 – Medical Marijuana Program Connection

Missouri’s marijuana businesses have extra obstacles when it comes to getting help from financial institutions.

With recreational marijuana now legal in Missouri but still illegal at the federal level, it creates more hoops to jump through for both banks and businesses to meet federal scrutiny.

Missouri lawmakers have an opportunity to streamline that process by allowing state agencies to share the marijuana licensing information with banks and credit unions, said Jim Regna, CEO and founder of Triad Bank in St. Louis.

The federal government requires financial institutions to inspect every facility and licensee to make sure they’re legal and reputable — something the Department of Health and Senior Services, which is charged with overseeing the state’s marijuana program, already does, Regna said.

“In lieu of doing our own inspections,” he said, “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.”

For the past two years, Regna has testified in support of legislation that would allow DHSS to share things like background checks and inspections that make sure the businesses don’t sell to minors. He did so again on Tuesday afternoon for a House bill sponsored by Republican Rep. Chad Perkins of Bowling Green, and previously for a Senate bill by Democratic Sen. Steve Roberts of St….