Sen. Bob Menendez (D-NJ) recently introduced legislation enabling legal cannabis businesses to access banking services.
The proposal would aid medicinal or recreational marijuana businesses legal under state laws in gaining access to banking services, noting under Menendez’s plan cannabis-related companies can have bank accounts, accept credit cards and write checks – avoiding the need to operate with large amounts of cash.
“The fact is, we already have legal medical marijuana businesses in New Jersey,” Menendez, who serves on the Senate Banking Committee, 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.”
The legislation would also help local and state governments collect taxes.
The Secure and Fair Enforcement (SAFE) Banking Act of 2019, which officials said clarifies protections extended to financial institutions that work with ancillary cannabis businesses, such as real estate owners, accountants and other service providers that do not work directly with the cannabis plant, would will likely be referred to the Senate Banking Committee.