Bipartisan Group of Senators Introduce Federal Marijuana Banking Bill

Bipartisan Group of Senators Introduce Federal Marijuana Banking Bill

Marijuana Businesses Currently Operate as Cash-only Causing Huge Public Safety Concerns; Legislation Would Allow Marijuana Businesses Access to Financial Services

WASHINGTON, DC — Senators Jeff Merkley (D-OR), Cory Gardner (R-CO), Michael Bennet (D-CO), Rand Paul (R-KY), and Ron Wyden (D-OR) on Thursday introduced the Marijuana Business Access to Banking Act, a bill that would allow banks to provide depository and other financial services to state-legal marijuana businesses.

Currently, because marijuana is illegal under federal law, both medical and non-medical marijuana businesses are unable to access banking services like any other business.

Consequently, many marijuana businesses operate on a cash-only basis, leading to huge public safety issues as businesses become the target of…

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