Federal Lawmakers Introduce ‘Marijuana Business Access To Banking Act’

Federal Lawmakers Introduce 'Marijuana Business Access To Banking Act'

Washington, DC: Members of the US Senate have introduced Senate Bill 1726, ‘The Marijuana Businesses Access to Banking Act of 2015,’ to permit financial institutions to engage in business relationships with the marijuana industry. The measure is companion legislation to the House version of the bill, HR 2076.

The Marijuana Businesses Access to Banking Act of 2015 provides "a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business" and provides legal protections to both financial institutions and their employees."

The Senate version of the bill has six co-sponsors while the House bill has 26 co-sponsors.

Commenting on the legislation, NORML Deputy Director Paul Armentano said: "No industry can operate safely, transparently or effectively without access to banks or other financial institutions. Members of Congress should move forward with this legislation so that this growing number of state-compliant businesses, and their consumers, may operate in a manner that is similar to other legal commercial entities."

More information on The Marijuana Businesses Access to Banking Act of 2015 is available from NORML’s Take Action Center here: http://www.norml.org/act.