Senators OK Banking Access for Marijuana Businesses
Bill Would Also Let D.C. Legalize Marijuana Sales
A key Congressional panel just voted to increase marijuana businesses’ ability to access banks.
Out of fear of violating current money laundering and drug laws, many banks are reluctant to do business with marijuana providers. As a result, most marijuana dispensaries operate on a cash-only basis, making them targets for robberies.
But on Thursday, the Senate Appropriations Committee approved an amendment to prevent the Treasury Department from punishing banks that open accounts for state-legal marijuana businesses. The vote was 16 – 14. (See below for full roll call vote.)
The measure is now attached to the Fiscal Year 2017 Financial Services and General Government Appropriations Act, which heads to the Senate floor.
In a brief debate ahead of the vote, amendment sponsor Sen. Jeff Merkley (D-OR) said that not allowing marijuana businesses to store their profits in banks is a public safety threat.
“It makes...
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