Marijuana Businesses Banking Access Granted
Marijuana Businesses Banking Access Granted as U.S. Senate Appropriations Committee Approves Measure That Would Allow Banks and Other Financial Institutions to Provide Services to State-Legal Marijuana Businesses.
The U.S. Senate Appropriations Committee on Thursday approved an amendment to the Financial Services and General Government Appropriations bill that is intended to ease access to banking and other financial services for state-legal marijuana businesses.
The amendment, authored by Sen. Jeff Merkley (D-OR), would prevent the spending of funds to prohibit or penalize banks and other financial institutions for providing services to state-legal marijuana businesses. Currently, many banks are unwilling to open accounts for marijuana businesses because they fear federal penalties, which has resulted in many of those businesses operating on a cash-only basis.
“More than half of the U.S. population lives in jurisdictions where marijuana is legal for adult or medical use,” said Robert Capecchi, director of federal policies for the Marijuana Policy Project. “Millions of marijuana consumers are relying on licensed and regulated businesses to provide them with safe and legal access to marijuana.