Earlier today, a bipartisan group of lawmakers introduced a bill in the Senate that would banks to do business with the marijuana industry in states where it is legal for medical purposes or adult use.
Introduced by the Senate delegations from Oregon and Colorado, two of the first states to legalize recreational marijuana, the bill would prohibit the federal government from penalizing banks that work with marijuana businesses.
Though four states and the District of Columbia have legalized marijuana, the drug is still illegal under federal law. That makes it difficult for businesses operating in those legalized states to access financial services through the banking industry. Instead, those companies have to run all-cash operations that the senators say invite crime.
The entire legal landscape that legal marijuana currently faces is “insane,” said GOP Sen. Cory Gardner of Colorado in an interview.
According to a press release from Drug Policy Alliance, “Reps. Ed Perlmutter (D-CO) and Denny Heck (D-WA) introduced the House version of this Senate bill earlier in the year, having also introduced a banking bill the previous session.”