US 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.
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 Merkley (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 Wyden (D-Ore.),...
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