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.
Politico reports:
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.
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The following guest post, contributed by MedMen, is part of a series providing insights into the legal marijuana industry.
As the “wall” of prohibition begins to crumble, businesspeople are lining up to cross over into the world of legal marijuana. They would be wise to remember that one of the only reasons they are able to even peek over that wall is because they are standing on the shoulders of giants: giants who invested blood, sweat, and tears into grassroots activism, lobbying, and ballot initiatives;…
Colorado lawmakers moved the marijuana industry away from its cash-only roots on Wednesday when they approved the world’s first financial system for marijuana businesses. The plan sets up a network of uninsured cooperatives, which gives the industry an avenue to basic banking services.
Even in light of Eric Holder’s comments on banking, marijuana businesses have still had a hard time finding banks to even let them open checking accounts, for fear of committing a federal crime. According to an AP…
[caption id="attachment_7248" align="alignright" width="180"] Attorney General Eric Holder[/caption]
On Thursday, Attorney General Eric Holder announced his intent to craft regulations that would allow banking services for legitimate marijuana businesses throughout the country. Banks and credit card companies have been wary of working with marijuana businesses for fear of federal prosecution and loss of licensing, causing serious issues with public safety and hampering the growth of the industry.…
Last week, MPP's Mason Tvert spoke with Andrew Sullivan at The Dish about several aspects of marijuana policy and where it is headed. In this segment, he discusses where the federal government stands on the implementation of marijuana regulations in Colorado and Washington, and how they will deal with marijuana businesses:
Last Friday, Congressman Jared Polis (D-CO) sent a letter to the U.S. Treasury Department urging the Obama administration to address a problem affecting numerous medical marijuana providers in states like California and Colorado. Specifically, due to existing federal law, these providers are having difficulty establishing accounts with banking institutions. “Legitimate state-legal businesses are being denied access to banking services, which does not serve the public interest,” the letter stated.
The…