Katelyn Baker
Well-Known Member
The Marijuana Businesses Access to Banking Act (S.1726 and H.R.2076) has received bipartisan support in both chambers.
The U.S. Department of Justice has said it wouldn't spend time prosecuting financial service companies that work with legal marijuana businesses as long as it following strict guidelines of compliance - but stopped short of offering blanket protection against enforcement. "Access to basic banking services is one of the most critical challenges facing legal cannabis businesses and the state agencies tasked with regulating them". In Oregon alone, it's estimated that the marijuana market could bring in close to half a billion dollars during its first 14 months of legal sales.
Today, the Senate Appropriations Committee passed the Financial Services and General Government appropriations bill, which included an amendment from Oregon Senator Jeff Merkley and Washington Senator Patty Murray to ensure that legal marijuana businesses can access banking services.
"The federal government should not be forcing Oregon's legal marijuana businesses to carry gym bags full of cash to pay their taxes, employees and bills", Merkley said. Without the ability to access bank accounts, accept credit cards, or write checks, businesses must operate using large amounts of cash. "We need to enable our banks to serve these legal businesses without fearing devastating reprisals from the federal government". Many bankers worry that they could risk losing accreditation and face money-laundering charges if a marijuana business client turns out to be a front for the illegal drug trade no matter how diligent they are at vetting them.
The amendment would prevent federal banking regulators from prohibiting, penalizing, or discouraging a bank from providing financial services to a legitimate, state-sanctioned and regulated marijuana business.
In order to become law, the full Senate must approve the appropriations bill, the House must adopt similar language in its Financial Services and General Government Appropriations bill, and the president must sign it. I don't want to get anyone's hopes up prematurely, but getting such an amendment out of committee and into a major funding bill is a huge step toward easing the cannabis industry's banking woes.
If it passes there, there would hen be negotiations with the House of Representatives.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Banking Help For Marijuana Businesses Takes Step In Senate
Author: Media Juss Staff Writer
Contact: info@mediajuss.com
Photo Credit: None Found
Website: Media Juss
The U.S. Department of Justice has said it wouldn't spend time prosecuting financial service companies that work with legal marijuana businesses as long as it following strict guidelines of compliance - but stopped short of offering blanket protection against enforcement. "Access to basic banking services is one of the most critical challenges facing legal cannabis businesses and the state agencies tasked with regulating them". In Oregon alone, it's estimated that the marijuana market could bring in close to half a billion dollars during its first 14 months of legal sales.
Today, the Senate Appropriations Committee passed the Financial Services and General Government appropriations bill, which included an amendment from Oregon Senator Jeff Merkley and Washington Senator Patty Murray to ensure that legal marijuana businesses can access banking services.
"The federal government should not be forcing Oregon's legal marijuana businesses to carry gym bags full of cash to pay their taxes, employees and bills", Merkley said. Without the ability to access bank accounts, accept credit cards, or write checks, businesses must operate using large amounts of cash. "We need to enable our banks to serve these legal businesses without fearing devastating reprisals from the federal government". Many bankers worry that they could risk losing accreditation and face money-laundering charges if a marijuana business client turns out to be a front for the illegal drug trade no matter how diligent they are at vetting them.
The amendment would prevent federal banking regulators from prohibiting, penalizing, or discouraging a bank from providing financial services to a legitimate, state-sanctioned and regulated marijuana business.
In order to become law, the full Senate must approve the appropriations bill, the House must adopt similar language in its Financial Services and General Government Appropriations bill, and the president must sign it. I don't want to get anyone's hopes up prematurely, but getting such an amendment out of committee and into a major funding bill is a huge step toward easing the cannabis industry's banking woes.
If it passes there, there would hen be negotiations with the House of Representatives.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Banking Help For Marijuana Businesses Takes Step In Senate
Author: Media Juss Staff Writer
Contact: info@mediajuss.com
Photo Credit: None Found
Website: Media Juss
