One of the more dangerous aspects of running a cannabis business is that you can’t put money in the bank. If you operate a dispensary you have to carry around money. That’s dangerous. But as long as cannabis is considered illegal federally, then no bank can take your money.
A new bill could change all that and take a little bit of the danger of running a weed shop out of the picture.
Per The Cannabist
Perlmutter on Thursday introduced the Secure and Fair Enforcement Banking Act (SAFE Banking Act), legislation that would allow banks to serve marijuana-related businesses without fear of penalties from the federal government.is a reintroduction of the Marijuana Businesses Access to Banking Act, which was first introduced in 2013 — and again in 2015 — and subsequently languished.
Whether the third time’s the charm remains to be seen, but a lot has changed in four years — and even two years — for the marijuana legalization landscape, Perlmutter and co-sponsors Denny Heck, D-Washington, and Don Young, R-Alaska, said in a statement.
Twenty-nine states and a couple of U.S. territories have legalized the medical use of marijuana. Among those, eight states and Washington, D.C., also allow recreational use by adults over 21 years of age.
“There’s just too much danger in the buildup of cash,” Perlmutter said in an interview with The Cannabist.
Perlmutter positioned the legislation as a means to boost public safety, referencing threats that arise as a result of businesses operating primarily in cash. He noted the death of Travis Mason, a security guard who was killed during an attempted robbery of a marijuana dispensary in Aurora, Colorado. U.S. Rep. Ed Perlmutter, D-Colorado. Perlmutter said he’s optimistic that the bill would find acceptance among members of Congress.
It would need to make it out of House Financial Services Committee first.
This bill would definitely mean a lot for those who do run businesses currently and in the future.