A senate bill would let cannabis businesses store their profits in banks
instead of the current situation in which states are legalizing cannabis contrary to federal law.
The Senate banking bill would block federal agencies from being able to"prohibit, penalize, or otherwise discourage a depository institution from providing financial services to a cannabis-related legitimate business or service provider or to a State, political subdivision of a State, or Indian Tribe that exercises jurisdiction over cannabis-related legitimate businesses."
“Conflicting federal and state marijuana laws make it difficult for legitimate businesses to use the basic financial services they need access to and this bipartisan legislation gives them that access they need,” Gardner added. “We must also take into account the risk to public safety as these businesses are being forced to carry around bags of money to pay for their employees and rent.
"One of the biggest barriers to building a broad cannabis marketplace is the banking issue," said Justin Strekal, political director for NORML."No small business can operate safely or transparently without access to basic banking services, which means that the richest investors are able to dominate under the existing tension. This bill would be good for new entrepreneurs and the equity experiments now underway from Massachusetts to California, and ultimately good for consumers.
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