Banking Help for Marijuana Businesses Takes Step in Senate

One of the toughest parts of opening a marijuana business in Oregon and Washington - where it is legal - has been not being able to have access the banking system.

While marijuana has been legal in both states for more than a year, federal law says banks and credit unions can be shut down if they accept marijuana money.

As a result, these businesses deal almost entirely in cash.

Recent estimates by Oregon state the industry could bring in $500 million in legal sales in the first 14 months.

“The federal government should not be forcing Oregon’s legal marijuana businesses to carry gym bags full of cash to pay their taxes, employees and bills,” said Senator Jeff Merkley. “This is an invitation to robberies, money laundering, and organized crime. We need to enable our banks to serve these legal businesses without fearing devastating reprisals from the federal government.”

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Merkley and Senator Patty Murray from Washington introduced an amendment as part of the Financial Services and General Government appropriations bill that would prevent federal officials from penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated marijuana businesses.

“This amendment is really about providing clarity, stability, and security for our banks, credit unions, and small business owners who want to be able to operate in full daylight,” said Murray. “The people in my home state of Washington spoke in favor of marijuana legalization years ago, and as the voice for my state, I will continue to push to help legal businesses access banking services without the fear of prosecution.”

The next step is for the bill to be voted on by the Senate.

If it passes there, there would hen be negotiations with the House of Representatives.