March 4, 2016 Budly

Marijuana Banking Could be Coming Soon with Senate Vote


The U.S. Senate will soon vote to allow banks to work with marijuana companoes without fear of criminal prosecution.

Due to current federal money laundering and drug laws  marijuana dispensaries are forced to operate on a cash-only basis, making them a dangerous target for robberies.

Democratic Sen. Jeff Merkley of Oregon and a bipartisan group of six co-sponsors are pushing to attach the proposal to a broader bill that the Senate is considering this week.

This amendment would stop federal officials from going after banks that work with the marijuana industry.

Signing on with Merkley are Minority Leader Harry Reid of Nevada and Sens. Elizabeth Warren of Massachusetts, Ron Wyden of Oregon, Michael Bennet of Colorado and Patty Murray of Washington, all Democrats. Sen. Rand Paul of Kentucky, a Republican, is also on board.