Hawaii's Medical Marijuana Card Registration Resource
New Bill Could Allow Dispensaries to Access US Banking System
May 2, 2017
According to Financial Regulation News: "U.S. Reps. Ed Perlmutter (D-CO), Denny Heck (D-WA), and Don Young (R-AK) introduced legislation to allow marijuana-related businesses in states where it is legal to access the banking system.
The Secure and Fair Enforcement Banking Act (SAFE Banking Act), formerly known as the Marijuana Businesses Access to Banking Act, ensures financial institutions can service marijuana-related businesses without the fear of reprisal from the federal government.
Currently, hundreds of licensed and regulated businesses do not have access to the banking industry and are unable to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes, the lawmakers said.
Eight states and Washington, D.C. now allow for adult-use recreational marijuana and 29 states have legalized medical marijuana. The legislators said it is time to align federal and state laws for companies in the marijuana business."