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Home 🌿 Marijuana Politics 🌿 Watch: Oregon politicians hope to change law on banking with legal marijuana businesses 🌿Watch: Oregon politicians hope to change law on banking with legal marijuana businesses
Oregon senators Ron Wyden and Jeff Merkley alongside Rep. Earl Blumenauer spoke in support of The Marijuana Businesses Access to Banking Act Tuesday.
They want to change federal law that prohibits banks from doing business with legal marijuana businesses.
"It's essentially updating federal laws so that when states vote to legalize [marijuana] they aren’t penalized for it," Wyden said. "The spectacle of Oregonians running legal businesses with sacks full of cash... that’s just unacceptable.
"We’ll be able to stop this stupidness and help the industry thrive and protect people going forward," Rep. Blumenauer said.
Without access to banks, marijuana businesses also are not able to accept credit cards, write checks and are forced to keep and transport large amounts of cash.
In Vancouver, Wash. Main Street Marijuana reported more than $2 million in sales last July, with as many as 2,000 customers per day.
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