Marijuana banking proposal back before Congress

Jul 10, 2013

Congress members from Colorado and Washington are planning to try again to help marijuana business access banking services.

A bill to be introduced Wednesday revives an effort to shield financial institutions from prosecution if they allow marijuana businesses to access any banking services. Financial institutions now violate federal drug law if they allow marijuana banking, leaving the industry running on mostly cash in the states that allow marijuana. The pot banking bill would allow businesses to make deposits, apply for loans and accept credit cards.

Colorado Rep. Ed Perlmutter and Washington Rep. Denny Heck are lead sponsors. The measure faces dim prospects in the Republican-controlled House.