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Last night in Colorado in one of the most contested Senate races in the country, both Sen. Mark Udall and Rep. Cory Gardner agreed that the Federal Government should get out of the state’s way and allow the state to operate its legal industry safely. As we’ve noted before, banking remains the single most challenging aspect of operating in the cannabis space. Many legal cannabis businesses are simply denied access to basic banking services due to the federal regulation of the banking industry.

If banking is a topic you want to learn more about, be sure to sign up for the “Branding, Regulation, and Retail” track of the upcoming Infused Products and Extraction Symposium (October 27-29 in Denver. Click here for details.)

When debate moderator Kyle Clark of 9NEWS asked the candidates if they believed Colorado’s legal cannabis businesses should be granted an exemption from federal laws regarding marijuana, both candidates responded positively.

“We need to work together as a [Congressional] delegation to make sure the federal government butts out,” Udall stated in the debate.

“Congress should [grant an exemption],” Udall continued. “I’m working on that. We should do it for a number of reasons. Particularly, the cannabis industry needs access to the banking system. Right now, since marijuana is a Schedule I drug, that access is not available. It’s a public safety hazard, and we will get the job done.”

Gardner agreed, saying, “I don’t know that you could specifically do that for Colorado; there are other states that are doing it. But Congress overall has to take a look at the regulatory system to make sure that Colorado is allowed to follow what it passed, and do so in a way that addresses banking issues and other regulatory issues as they arise throughout the entire system.”

Those responses prompted Aaron Smith of the National Cannabis Industry Association to remark that “even the bitterest political opponents agree that the federal government is wrong to stand in the way of states taking a smarter approach to marijuana policy. The responsible and hard-working small business people who make up this industry deserve to be treated fairly, and it speaks volumes that both Senate candidates in Colorado publicly declared their support for that tonight.”

To watch the full exchange, visit the 9News website. Go to Part 3: Short Answer Round, and start at 1:50.]