A bipartisan bill in the U.S. Senate would allow banks to do business with marijuana companies.
Sen. Michael Bennet, a Democrat, and Sen. Cory Gardner, a Republican, both of Colorado, announced the bill in a joint statement Thursday.
The bill would prevent criminal prosecution as well as liability and asset forfeiture for banks or their officers who do business with a state-sanctioned marijuana business.
Last year, the U.S. Treasury Department said banks could serve the marijuana industry under certain conditions. Many banks call the guidelines too onerous, resulting in a marijuana industry that still relies heavily on cash.
Gov. John Hickenlooper praised the bill, saying the federal government has a duty to ensure the safety of people as the marijuana legalization experiment expands in states across the country.
Bill in US Senate would open up banks to pot businesses
Sen. Michael Bennet, a Democrat, and Sen. Cory Gardner, a Republican, both of Colorado, announced the bill in a joint statement Thursday.
The bill would prevent criminal prosecution as well as liability and asset forfeiture for banks or their officers who do business with a state-sanctioned marijuana business.
Last year, the U.S. Treasury Department said banks could serve the marijuana industry under certain conditions. Many banks call the guidelines too onerous, resulting in a marijuana industry that still relies heavily on cash.
Gov. John Hickenlooper praised the bill, saying the federal government has a duty to ensure the safety of people as the marijuana legalization experiment expands in states across the country.
Bill in US Senate would open up banks to pot businesses
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