US Senators Introduce Bill To Ease Banking Restrictions For Legal Marijuana Dispensaries

A bipartisan group of U.S. Senators introduced a bill on Thursday that would make it easier for legal marijuana businesses to use banks for their business transactions. With medicinal marijuana legal in 23 states, and recreational marijuana legal in four states, some senators are arguing that it is time to reform banking laws that, as currently written, could subject legal pot distributors to criminal liability or asset forfeiture for conducting legal transactions.

On Thursday, a bipartisan group of four Democratic senators and two Republican senators introduced the Marijuana Business Access to Banking Act, which would make it easier for cannabis merchants to conduct their business through the banking system, rather than remaining heavily reliant on cash only transactions.

The bill’s sponsors were Democratic Senators Michael Bennett (CO), Patty Murray (WA), Jeff Merkley (OR) and Ron Wyden (OR), and GOP Senators Cory Gardner (CO) and Rand Paul (KY). All of the co-sponsors, except for Rand Paul, represent states that have legalized recreational marijuana.

Supporters of the bill pointed out that the law would ensure greater safety for cannabis businesses. Some marijuana businesses have been targeted for robbery, because they are essentially forced to keep a large amount of cash on the premises. On Thursday, one of the bill’s co-sponsors, Democratic Senator Jeff Merkley argued:

Forcing businessmen and businesswomen who are operating legally under Oregon state law to shuttle around gym bags full of cash is an invitation to crime and malfeasance. That must end.

The Marijuana Business Access to Banking Act is a common sense reform that adapts to marijuana legalization in several states. This is the type of bi-partisan legislation that both sides of the aisle should regard as reasonable and necessary. It isn’t often that Senators Rand Paul and Patty Murray find themselves co-sponsoring the same piece of legislation, but in this instance, the measure they support should be seen as a “no brainer”. Hopefully, common sense will carry the day and the entire Senate will work together to pass this sensible piece of legislation.

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Keith Brekhus

Keith Brekhus is a progressive American who currently resides in Red Lodge, Montana. He is co-host for the Liberal Fix radio show. He holds a Master's Degree in Sociology from the University of Missouri. In 2002, he ran for Congress as a Green Party candidate in the state of Missouri. In 2014, he worked as a field organizer for Democrat Ann Kirkpatrick's successful re-election bid in Arizona's 1st Congressional District. He can be followed on Twitter @keithbrekhus or on Facebook.

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