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U.S. Senator Bob Menendez has introduced legislation that will allow legal cannabis businesses to access banking services.
Menendez’s proposal will help medicinal or recreational marijuana businesses legal under state laws to gain access to banking services. Under Menendez’s plan, cannabis-related companies can have bank accounts, accept credit cards and write checks – avoiding the need to operative with large amounts of cash.
The bill will also help local and state governments collect taxes.
“The fact is, we already have legal medical marijuana businesses in New Jersey,” Menendez said. “What they don’t have are bank services to pay employees, take credit cards, write checks or pay taxes. Instead, they’re forced to operate entirely in cash—large sums—an open invitation for robbery and crime. We can fix this with common sense legislation that simply allows banks and credit unions to service these legitimate, legal enterprises without risk of federal prosecution.”
Menendez serves on the Senate Banking Committee, where his Secure and Fair Enforcement (SAFE) Banking Act of 2019 will likely be referred.