Marijuana-related businesses, legal under state law, should be allowed access to the banking system according to a new bipartisan bill in Congress.
Eighteen U.S. House members, including five from Washington, have introduced legislation that would give legitimate marijuana-related businesses access to America’s banking system so they are not forced to operate on a cash-only basis.
The legislation’s sponsors claim that such crimes as robbery and tax evasion will be encouraged if marijuana-related businesses are forced to operate as cash-only enterprises — even in states where medical marijuana or recreational use has been made legal under state law.
The proposed solution: Let such businesses go to the bank.
Under the legislation, federal banking regulators could not “discourage, prohibit or penalize” banks, credit unions and other depositing institutions that take deposits from or make loans to such legal marijuana businesses. They could not halt any kind of banking services.