Bipartisan support continues for bill legalizing banking for legal marijuana businesses
Democratic Sen. Jeff Merkley is a co-sponsor of a bipartisan, bicameral bill to legalize banking services for legal marijuana businesses nationwide. The federal government currently bans legal cannabis businesses from most banking services.
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April 27 (UPI) -- A bipartisan cannabis banking bill in both the U.S. Senate and U.S. House would make sure that legal cannabis businesses nationwide could access critical financial services.
Introduced by two U.S. senators and two U.S. House members, the Secure and Fair Enforcement Banking Act of 2023 would fix a huge problem for businesses legally engaged in cannabis sales. Because marijuana is not legal nationwide, cannabis businesses in states that have legalized it often are forced into using cash transactions.
"Forcing legal businesses to operate in all-cash is dangerous for our communities; it's an open invitation to robbery, money laundering, and organized crime-and it's way past time to fix it," said Senator Jeff Merkley, D-Ore. said in a statement. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate.
As of Monday, 38 U.S. states had legalized medical marijuana while 22 states, 2 territories and the District Of Columbia have enacted measures to regulate the legal adult use of recreational marijuana, according to the National Conference of State Legislatures.
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In addition to Merkley, the cannabis banking bill is co-sponsored by Sen. Steve Daines, R-Mont., and U.S. Reps. Dave Joyce, R-Ohio, and Earl Blumenauer, D-Ore.
"Montanans should be able to conduct their small business without fearing for their safety," Senator Daines said in a statement. "My bipartisan bill would provide the security and peace of mind that legal Montana cannabis businesses need to freely use banks, credit unions and other financial products without fear of punishment. This bill will help keep our Montana communities safe, keep crime off the streets, support Montana small businesses and bolster local economies."
"This legislation will save lives and livelihoods. It is past time that Congress addresses the irrational, unfair, and unsafe prohibition of basic banking services to state-legal cannabis businesses," said Rep. Earl Blumenauer in a statement. "The House has passed the SAFE Banking Act on a bipartisan basis seven times. I am delighted that the Senate is joining us in making it a priority."
Sen. Chuck Schumer introduced a bill to legalize marijuana nationally in July 2022. Several polls show overwhelming majority support around the country for legalizing marijuana.
But even with so many states have already decided to legalize, banking access is still legally denied to cannabis businesses despite their otherwise legal status.
The cannabis banking bill would prevent federal regulators from prohibiting or penalizing a bank from providing service to a legitimate state-sanctioned and regulated cannabis business.
April 27 (UPI) -- A bipartisan cannabis banking bill in both the U.S. Senate and U.S. House would make sure that legal cannabis businesses nationwide could access critical financial services.
Introduced by two U.S. senators and two U.S. House members, the Secure and Fair Enforcement Banking Act of 2023 would fix a huge problem for businesses legally engaged in cannabis sales. Because marijuana is not legal nationwide, cannabis businesses in states that have legalized it often are forced into using cash transactions.
"Forcing legal businesses to operate in all-cash is dangerous for our communities; it's an open invitation to robbery, money laundering, and organized crime-and it's way past time to fix it," said Senator Jeff Merkley, D-Ore. said in a statement. "For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate.
As of Monday, 38 U.S. states had legalized medical marijuana while 22 states, 2 territories and the District Of Columbia have enacted measures to regulate the legal adult use of recreational marijuana, according to the National Conference of State Legislatures.
RELATEDRecreational pot legalized in Delaware as governor allows bills to become law
In addition to Merkley, the cannabis banking bill is co-sponsored by Sen. Steve Daines, R-Mont., and U.S. Reps. Dave Joyce, R-Ohio, and Earl Blumenauer, D-Ore.
"Montanans should be able to conduct their small business without fearing for their safety," Senator Daines said in a statement. "My bipartisan bill would provide the security and peace of mind that legal Montana cannabis businesses need to freely use banks, credit unions and other financial products without fear of punishment. This bill will help keep our Montana communities safe, keep crime off the streets, support Montana small businesses and bolster local economies."
"This legislation will save lives and livelihoods. It is past time that Congress addresses the irrational, unfair, and unsafe prohibition of basic banking services to state-legal cannabis businesses," said Rep. Earl Blumenauer in a statement. "The House has passed the SAFE Banking Act on a bipartisan basis seven times. I am delighted that the Senate is joining us in making it a priority."
Sen. Chuck Schumer introduced a bill to legalize marijuana nationally in July 2022. Several polls show overwhelming majority support around the country for legalizing marijuana.
But even with so many states have already decided to legalize, banking access is still legally denied to cannabis businesses despite their otherwise legal status.
The cannabis banking bill would prevent federal regulators from prohibiting or penalizing a bank from providing service to a legitimate state-sanctioned and regulated cannabis business.
Joyce said in a statement, "As it stands, the federal government has denied state-legal cannabis companies the same access to financial services as every other legal business across the Buckeye State and our country. Not only does this distort the market in a growing industry, but it also forces businesses to operate in all cash, making them and their employees sitting ducks for violent robberies. The bipartisan SAFE Banking Act will allow cannabis businesses to operate legally without fear of punishment by federal regulators, making our communities safer."
The Secure and Fair Enforcement Banking Act of 2023 would stop federal regulators from taking any action on a loan to an operator of a cannabis-related business. It also would prevent federal regulators from terminating or eliminating a bank's federal deposit insurance if they provide banking services to legal cannabis businesses.
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