Bipartisan legislation needed to allow marijuana businesses in states that have legalized marijuana use banks.
Currently, even states where it's legal, banks can not offer services because if the federal status of marijuana as a schedule 1 drug and Treasury Department regulations on banking.
"federal law still classifies marijuana as a Schedule 1 controlled substance. The Treasury Department regulates the banking system at the federal level. Many banks worry about violating federal anti-money laundering laws"
now that the corporate masters have said we can have it, now that they can profit from it, I see no reason why they can not use banks. they are a legal business, like a brewlry or whisky producer.
If pot is legal in the state that the bank is serving, then yes, they should provide services. If not legal then no. Personally I think he's a bad idea to legalize recreation pot because we already have enough people who's performances are compromised due to drug/alcohol induced deminished mental abilities, but I guess regulating it is better than what was happening.
Marijuana businesses should be able to utilize banking services, for security, for those businesses to obtain loans, for ease of transactions, and to keep transactions honest. I wonder if marijuana will need to be legalized first n order for this to happen?
Legalize and allow marijuana businesses to utilize banks!
Senators, We urge you to support S. 1323, the SAFE Banking Act of 2023
Allow banks to offer services to Marijuana Businesses in those states that have decriminalized Cannabis Sativa and the products derived from it.