Bipartisan Cannabis Banking Bill Introduced in U.S. Senate

By Darby Beck, Law Enforcement Against Prohibition

money2WASHINGTON, DC – Senators Jeff Merkley (D-OR), Cory Gardner (R-CO), Michael Bennet (D-CO), Rand Paul (R-KY), and Ron Wyden (D-OR) introduced the Ma lmrijuana Business Access to Banking Act today in a much-needed move to allow legitimate marijuana businesses to conduct legal financial operations.

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.

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