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IPFS News Link • Business/ Commerce

New Senate Bill Says Weed Companies Should Be Able to Use Banks

• http://motherboard.vice.com

If the recent bipartisan support of a bill proposing to marry banks and legal marijuana businesses tells us anything, marijuana dispensaries might have a much easier time managing their finances.

That's because all of their business is done in cold, hard cash because banks are fearful of running afoul of federal laws.

The bill, named the Marijuana Businesses Access to Banking Act of 2015, was recently supported by four senators in Oregon and Colorado. It promises to prohibit the government from discouraging, penalizing or prosecuting banks should they provide services to marijuana businesses.

"By compelling Oregon business owners to operate on a cash-only basis, current federal laws are making marijuana businesses sitting ducks for violent crimes and perpetuating negative stereotypes," Oregon Democratic Senator Ron Wyden said in a statement.

Even though legal marijuana is America's fastest growing industry, business is still done entirely on paper bills, further cementing the awkward relationship between legal marijuana businesses and the banking institutions that want to keep a conservative distance between them. Proponents of the bill reason that keeping the business cash-only makes parties more vulnerable to crime, especially when dealing with larger orders. Without the security blanket that banking institutions can give, people can assume your stacks are in the open and plenty ripe for robbing.

"The legal marijuana industry is worth nearly $3 billion nationwide. We shouldn't be forced to carry that around in duffel bags," said Aaron Smith, executive director of the National Cannabis Industry Association.


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