New bill would let marijuana shops use banks

New bill would let marijuana shops use banks

Pot shops would have access to banks under new legislation in the Senate.

The Marijuana Business Access to Banking Act, introduced Thursday in the Senate, would allow marijuana companies to store their money in banks.

Dispensaries are currently blocked from the banking system. Even though a number of states have legalized the use of medical and recreational marijuana, it is still illegal under federal law.

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This pot paradox has forced many marijuana businesses to keep their cash in their stores because banks are prohibited from doing businesses with them.

The marijuana legislation would wipe away these prohibitions. The senators say this would improve safety and streamline taxes in the industry.

Sen. Jeff MerkleyJeffrey (Jeff) Alan MerkleySenate Dems blast Barr for 'clear violation' of duty in Stone case, urge him to resign Senate Democrats introduce legislation to change impeachment trial rules Hillicon Valley: Facebook suspends misinformation networks targeting US | Lawmakers grill census officials on cybersecurity | Trump signs order to protect GPS | Dem senators propose federal facial recognition moratorium MORE (D-Ore.), one of the sponsors of the bill, called the present rule an “invitation to crime.”

“Current federal laws are making marijuana businesses sitting ducks for violent crimes and perpetuating negative stereotypes,” said Sen. Ron WydenRonald (Ron) Lee WydenSenate Dems blast Barr for 'clear violation' of duty in Stone case, urge him to resign Overnight Health Care: Nevada union won't endorse before caucuses after 'Medicare for All' scrap | McConnell tees up votes on two abortion bills | CDC confirms 15th US coronavirus case Harris, Castro introduce resolution condemning Trump aide Stephen Miller MORE (D-Ore.), another sponsor of the bill.

Sens. Cory GardnerCory Scott GardnerSenate Democrats pressure Trump to drop ObamaCare lawsuit Impeachment fallout threatens to upend battle for Senate MoveOn targets vulnerable GOP senators with ad campaign following impeachment MORE (R-Colo.), Michael BennetMichael Farrand BennetToward 'Super Tuesday' — momentum, money and delegates Trump seeks split-screen moments in early primary states Sanders calls James Carville 'a political hack' MORE (D-Colo.) and Patty MurrayPatricia (Patty) Lynn MurraySenate Dems blast Barr for 'clear violation' of duty in Stone case, urge him to resign Democratic senators ask FDA to ban device used to shock disabled students Lawmakers with first-hand experience using food stamps call on Trump not to cut program MORE (D-Wash.) are also backing the legislation.

Marijuana groups said the bill would be a step in the right direction.

“Without banks, many of our members are forced to operate entirely in cash, which puts their employees at risk for crime,” said Aaron Smith, executive director of the National Cannabis Industry Association. “The legal marijuana industry is worth nearly $3 billion nationwide. We shouldn’t be forced to carry that around in duffel bags.”