Washington Congressman Denny Heck and colleague Ed Perlmutter of Colorado – along with 16 other members – on Wednesday introduced a bill that would clarify and codify federal banking laws as they relate to the business of legalized marijuana.
Under current federal law, legitimate marijuana businesses are (or will be) prevented from opening bank accounts and operating as any other businesses might. They are forced to operate as cash-only enterprises because banks and credit unions will not risk federal wrath by serving legitimate financial needs.
“The Marijuana Business Access to Banking Act would allow banks, credit unions and other depository …
