U.S. Senate Committee Approves Measure to Allow Banks to Provide Services to Cannabis Businesses

cannabismoney1The United States Senate Appropriations Committee has approved a measure that would ensure cannabis businesses that are legal under state law have access to banking services.

The amendment, sponsored by Senator Jeff Merkley (D-OR) and added to the Financial Services and General Government Appropriations bill, would prohibit the Treasury Department and its enforcement arm, the Financial Crimes Enforcement Network, from using federal funds to punish banks that provide financial services to cannabis businesses that are operating legally under state laws.

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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.

Read moreBipartisan Cannabis Banking Bill Introduced in U.S. Senate