You are here
Home 🌿 Marijuana Business News 🌿 Proposed legislation seeks to let marijuana businesses open bank accounts 🌿Proposed legislation seeks to let marijuana businesses open bank accounts
A bill introduced into the House Wednesday seeks to legitimize marijuana businesses by allowing them to open bank accounts, according to multiple reports.
The “Marijuana Business Access Banking Act” is sponsored by Rep. Ed Perlmutter (D-Colorado) and would allow banks, which are currently prohibited by the federal government from doing business with marijuana businesses, to get a so-called “safe harbor” exemption and legally offer bank accounts to marijuana shops.
Marijuana is currently still labeled as a Schedule I drug by the Drug Enforcement Agency, making it a federal crime for institutions to handle money made from its sale.
“First and foremost, this is an issue of public safety,” Perlmutter said in a statement. “Not only are the proprietors at risk, but the employees and customers are also at risk of serious and violent crimes.”
Though marijuana is now legal in 23 states and Washington D.C., dispensaries and businesses that
...This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.
420 Intel is Your Source for Marijuana News
420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.
420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.
Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.
Follow us on Instagram
Connect with us on Linkedin