Marijuana businesses waiting to deposit their cash in the bank will have to continue waiting, as an amendment that would’ve allowed those businesses to deposit profits into the bank was stifled by a U.S. Senate Committee last week. Introduced by Oregon Sen. Jeff Merkley, the amendment would have shielded banks and financial institutions that open accounts for marijuana businesses abiding by state laws from federal persecution.
Because cannabis remains federally illegal, many of the major banks won’t associate with cannabis businesses for fear of punishment by federal authorities. This has forced marijuana businesses to become all-cash enterprises, denying them from many of the fiscal advantages that financial institutions provide.
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