Federal Marijuana Banking Bill Introduced in U.S. Senate

WASHINGTON, DC – In a much-needed move to allow legitimate marijuana businesses to conduct legal financial operations, US Senators Jeff Merkley (D-OR), Cory Gardner (R-CO), Michael Bennet (D-CO), Rand Paul (R-KY), and Ron Wyden (D-OR) introduced the Marijuana Business Access to Banking Act on Thursday.

While the move sounds like a minor regulatory matter, the lack of clear financial guidelines represents the single greatest obstacle to state-legal marijuana businesses operating safely and profitably.

Currently, dispensaries and other businesses in states that have legalized medical marijuana or that allow adult use must operate cash-only businesses because banking services fall under federal, rather than state law.

“Right now, it’s the Wild West for marijuana businesses,” said…