New federal bill would allow banking for marijuana businesses
Bill co-sponsored by U.S. Representatives in Colorado, Washington and Alaska would allow banks to serve cannabis businesses without fear of federal penalties
The Cannabist (US)
Thursday, April 27, 2017
Thursday, April 27, 2017
Marijuana businesses can’t openly bank and congressman Ed Perlmutter, D-Colo., is hoping to change that. Perlmutter on Thursday introduced the Secure and Fair Enforcement Banking Act (SAFE Banking Act), legislation that would allow banks to serve marijuana-related businesses without fear of penalties from the federal government. The bill is a reintroduction of the Marijuana Businesses Access to Banking Act, which was first introduced in 2013 — and again in 2015 — and subsequently languished. Perlmutter positioned the legislation as a means to boost public safety, referencing threats that arise as a result of businesses operating primarily in cash.
