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Federal: Legislation Introduced to Give Marijuana Business Access to Banking Services

Representatives Ed Perlmutter (CO-07) and Denny Heck (WA - 10), along with a bipartisan group of 16 other Republicans and Democrats, have introduced legislation that would reform federal banking laws relating to marijuana businesses. HR 2652: The Marijuana Business Access to Banking Act of 2013 updates federal banking rules to resolve conflicts between federal and state laws and would allow marijuana businesses acting in compliance with state law to access banking services. You can view the full text of this legislation here.

Currently, under federal banking laws, many legal, regulated legitimate marijuana businesses that follow state law are prevented from opening bank accounts and operating as any other businesses would. They are therefore forced to operate as cash-only enterprises, inviting crime such as robbery and tax evasion and adding to the burden of setting up a legitimate small business.

"We need to address the public safety, crime and lost tax revenue associated when these legal and regulated businesses are operating in a cash-only system,” said Congressman Ed Perlmutter (CO-07). “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."

“As a small business owner, I can’t imagine trying to operate a legitimate business without access to the banking system. Forcing legitimate businesses to operate on a cash-only basis without bank accounts is an invitation for robbery, tax evasion and organized crime. With twenty-one states and D.C. now allowing for some form of legal adult marijuana usage, federal law needs to be updated to reflect the reality of the situation in the states,” said Congressman Denny Heck (WA-10).

Enter your zip code below to quickly and easily contact your elected officials and urge them to support this legislation.


 







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