Oregon House Passes Bill Protecting Banks Working with Cannabis Businesses

moneycannabisIn 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.

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