WASHINGTON – In one of the tighter races for the midterm elections, it appears every decision by Democrat Sen. Mark Udall and Republican Rep. Cory Gardner is under scrutiny.
However, for their campaigns, marijuana seems to be a nonissue, despite its importance during the 2012 election.
Still, it appears to be one of the main topics national reporters ask about when inquiring about the tight Senate race, according to Udall’s campaign press secretary, Kristin Lynch.
“Marijuana is not going to be the deciding factor of this election, or anything close to it,” Lynch said.
Lynch said both Gardner and Udall have acknowledged the need for marijuana dispensaries to be able to use banking services, but it is not becoming a point of contention in their race.
Colorado is one of two states – the other Washington – that allow marijuana sales.
Right now, marijuana sales ventures are not facilitated through bank loans.
Currently, a House of Representatives bill on granting marijuana businesses access to financial services is waiting to be discussed. It has remained in this status since February.
In the Senate, a bill has been introduced to amend the Federal Home Loan Bank Act to widen the eligibility for membership to specific institutions, like marijuana dispensaries. A hearing for the bill was held this September.
Bipartisan legislation needs to succeed in Congress, but other organizations like the Federal Reserve could fast-track this change.
Currently, the marijuana industry needs support to facilitate loans to marijuana dispensaries. Those businesses need access to private loans.
“This issue needs Federal Reserve approval,” said Skyler McKinley, deputy director of marijuana coordination in Colorado. “However, this has never been done before with the Federal Reserve.”
For Colorado, marijuana sales come with a 2.9 percent regular tax, a 10 percent special sales tax and a 15 percent excise tax on distributors, meaning it is not directly included in consumer purchases.
According to McKinley, $45 million was earned through marijuana taxation in August alone.
igheorghiu@durangoherald.com. Iulia Gheorghiu is a student at American University in Washington, D.C., and an intern for The Durango Herald.
