SENATORS
INTRODUCE BIPARTISAN MARIJUANA BANKING BILL
Bill
Would Address Largest Logistical Obstacle to Dispensaries, Improve Public
Safety
WASHINGTON,
DC – Senators Jeff Merkley (D-OR), Cory Gardner
(R-CO), Michael Bennet (D-CO), Rand Paul (R-KY), and Ron Wyden (D-OR) introduced
the Marijuana Business Access to Banking Act today in a much-needed move
to allow legitimate marijuana businesses to conduct legal financial operations.
While the move sounds like a minor regulatory matter, the lack of clear
financial guidelines represents the single greatest obstacle to state-legal marijuana
businesses operating safely and profitably. Currently, dispensaries and other
businesses in states that have legalized medical marijuana or that allow adult
use must operate cash-only businesses because banking services fall under
federal, rather than state law.
“Right now, it’s
the Wild West for marijuana businesses,” said Major Neill Franklin (Ret.), executive director of LEAP. “Criminals know where the dispensaries
are. They know the businesses are making thousands of dollars a day and that
all of those transactions are in cash. It’s led to some horrific incidents, all
courtesy of the federal government. They’re setting these businesses up to fail
and, worse, they’re endangering people’s lives.”
Most dispensaries
have had to hire expensive private security firms to set up elaborate safety
systems and to accompany employees as the cash leaves the premises. Because of
these precautions, many dispensaries, even those conducting large volume of
sales, retain little profit. States are the other major losers in this scenario
as the lack of accountability encourages the underreporting of taxes.
In the House,
Representatives Ed Perlmutter (D-CO) and Denny Heck (D-WA) have introduced a similar bill, HR 2076.
LEAP is
committed to ending decades of failed policy that have wreaked havoc on public
safety, damaged community relations with police, fostered corruption and
racism, and largely ignored the public health crisis of addiction. The War on
Drugs has cost more than $1 trillion dollars, yielded no positive outcomes, and
has ultimately diverted the penal system’s attention away from more important
crimes.
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