Attorney General Alliance (AGA) officials said this week that attorneys general nationwide have recognized the completion of a cannabis pilot and launch of an official two-part cannabis certification program.
Officials said the action occurred during the AGA’s Cannabis Project Conference in Denver, noting the Public Health & Safety Cannabis Financial Service Certification helps law enforcement personnel and state regulators in the process of distinguishing legal cannabis operators from illicit.
“In absence of federal regulation and oversight, the need for an independent versus self-certification is imminent,” AGA Executive Director Karen White said. “As the cannabis industry grows, we must have banking safeguards to mitigate illicit and criminal conduct. This is an important first step to give guidance to state attorneys general and lawmakers while raising the bar for the industry.”
The certification offers banking and financial transparency as a means of ensuring monetary system safety for institutions banking hemp and cannabis, White said.
“It is crucial to know where cannabis and hemp operators are banking to maintain a level of compliance,” said New Mexico Attorney General Hector Balderas, who presented the official certifications to recipients at the AGA cannabis conference. “This certification will give regulators that insight. Additionally, hemp and cannabis operators can stand by their own financial and operational integrity as they subject themselves to volunteer audits.”
The certification was initially issued as a pilot program overseen by the Policy Center for Public Health & Safety in collaboration with state attorneys general, officials said, while also being deployed by ASTM International and the American Trade Association for Cannabis and Hemp.