The Marijuana Business Access To Banking Act

The Marijuana Business Access To Banking Act

Last Wednesday, U.S. Reps. Ed Perlmutter (D-Golden), and Denny Heck (D-Wash.) introduced a bill that aims at correcting the federal banking rules surrounding medical marijuana industry. 

The Marijuana Business Access to Banking Act, which is backed by eighteen U.S. House members, would prevent federal regulators from prohibiting or dissuading banks, credit unions and other financial institutions from lending money to or taking deposits from state-legal medical cannabis companies.

Because of current federal banking laws, marijuana-related businesses are forced to operate as cash-only enterprises — even in Colorado and Washington where cannabis is legalized recreationally.

The bills sponsors claim that forcing legitimate businesses to operate on a cash-only basis is only encouraging them to evade taxes. They believe the bill will significantly reduce robberies and organized crime in the ninteen states and the District of Columbia that have legalized medical marijuana, as well as Colorado and Washington.

“As a small business owner, I can’t imagine trying to operate a legitimate business without access to the banking system,” said Heck. “With 21 states and the District of Columbia now allowing for some form of legal adult marijuana usage, federal law needs to be updated to reflect the reality of the situation in states.”

“As a small business owner, I can’t imagine trying to operate a legitimate business without access to the banking system.” – Denny Heck (D-Wash)

“We need to address the public safety, crime and lost tax revenue associated when legal and regulated businesses are operating in a cash-only system,” Perlmutter said. “We also need to provide financial institutions assurance that they can make their own business decisions related to legal, financial transactions without fear of regulatory penalties or criminal prosecution.”

Dealing with the banks is one of the biggest headaches medical cannabis companies have to deal with on a daily basis. If this bill were to pass, it would lift a major weight off the shoulders of the thousands of cannabusiness owners trying to operate legitimately in this emerging industry.

The bill was officially assigned to a congressional committee who will consider it before passing it off to the House and Senate as a whole.

Loading Comments... ([[ count ]]) Comments
Leave a reply...
Submit

There are currently no comments for this topic. Be the first to leave a comment!

  • Want to stay in the loop?

    Join over 30,000 e-mail subscribers!

    By clicking submit I agree to the Privacy Policy

    Top cannabinoids

    Free Join the MJ Directory

    Welcome to the free database of cannabis companies, people, and events that anyone can add to. Ready to join the movement?

    Additional Reading View more
    Study: Cannabis May Help Reduce Brain Damage Caused By Ischemic Strokes
    Marijuana May Reduce Brain Damage Caused By Strokes
    A meta-analysis of studies shows the amount of the brain injured from a stroke was reduced in subjects that had used cannabinoid therapies.
    Cooking with Cannabis: How to Put Marijuana In Edibles
    Cooking with Cannabis: How to Put Marijuana In Edibles
    Cooking with Cannabis: How to Put Medical Marijuana In Edibles
    Cannabis Shown To Ease Symptoms During Opiate Withdrawal
    Cannabis Use May Reduce Opiate Withdrawal Symptoms
    A recent study showed medical marijuana use during substance abuse treatment decreased the patient's score on the Clinical Opiate Withdrawal Scale.
    New Study: Cannabis Use May Lead to a Lower BMI
    New Study: Cannabis Use May Lead to a Lower BMI
    A recent study published in Obesity in December 2014 presents evidence that cannabis use may lead to lower rates of obesity and BMI.

    Join thousands of other cannabis patients. Create an account Welcome back, [[ user.name ]]! Access your Dashboard

    Your browser is out-of-date!

    Update your browser to view this website correctly. Update my browser now

    ×