Oregon House Passes Bill Protecting Banks Working with Cannabis Businesses
In a 56 to 3 vote, Oregon’s full House of Representatives has voted to give approval to House Bill 4094, a cannabis banking bill. The measure now heads to the state’s Senate, where its passage will send it to the governor for consideration.
Under the proposed law, introduced by Representative Tobias Read who is running for State Treasurer, banks and credit unions that do business with, and provide banking services to, cannabis businesses that are legal under state law will be exempt from any state liability. Obviously banks will still have to worry about federal law, but this would protect them from state persecution.
Oregon’ House also recently gave approval to House Bill 4014, a proposal to allow medical cannabis businesses to deduct normal expenses from state taxes, to decrease patient fees for veterans, and to mandate that medical cannabis be treated the same as prescription drugs under state law, among other changes (such as allowing those on probation and parole to use medical cannabis).
Both bills now await consideration in the Senate.