WASHINGTON– Rep. Ed Perlmutter told his GAC audience Wednesday morninghe couldn't believe he was standing up on a stage, speaking insupport of marijuana legislation.

However, the Colorado Democrat said now that his state haslegalized marijuana use for adults, millions of dollars in cashtransactions are putting legitimate businesses and their customersat risk. Two states – Colorado and Washington – have laws thatlegalize marijuana use for adults, and 20 additional states havemedical marijuana laws in the books.

During the first week Colorado's law was in effect, Perlmuttersaid, marijuana retailers conducted $5 million in cash-onlytransactions, because they did not have access to financialservices.

“That breeds the potential for robbery, assault, fraud and eventax evasion,” he said.

In response, Perlmutter partnered with Rep. Denny Heck (R-Wash.)to introduce The Marijuana Business Access to Banking Act. The billwould provide banks and credit union with the legal clearance tooffer banking services to businesses that abide by state marijuanalaws.

Additionally, the congressman said recent guidelines released bythe Department of Justice and U.S. Treasury provide furtherreassurance that credit unions can open accounts for state-legalbusinesses, even though the retailers run afoul of federal law.

Perlmutter also covered the Target breach in his speech, saying his own household cardswere cancelled and replaced because his wife is a frequent Targetshopper.