WASHINGTON—A bipartisan group of senators Thursday introduced the first bill that would legalize banking for recreational marijuana companies.
The Marijuana Businesses Access to Banking Act of 2015 was introduced in the U.S. Senate by Colorado Sens. Michael Bennett and Cory Gardner and Sens. Jeff Merkley (D-OR) and Ron Wyden (D-OR).
Oregon and Colorado were two of the first states to legalize recreational marijuana—the bill would prohibit the federal government from penalizing banks that work with marijuana businesses.
While four states and the District of Columbia have legalized marijuana, however, the drug is still illegal under federal law. That has led to marijuana businesses across the country facing the difficult problem of gaining access to banks, credit unions, and the payments chain due to concerns over risks associated with the pot trade. Regulators, even in states where cannabis is legal, have frowned upon banks and credit unions working with the pot industry due to the fact marijuana is illegal on the federal level. Outside of a handful of banks and credit unions openly serving the marijuana industry, often pot dispensaries get an FI account and within less than a year are asked to leave.
A credit union in Colorado, The Fourth Corner CU, has been chartered to serve marijuana businesses in that state, but has yet to open its doors because it has not received approval from NCUA for share insurance coverage. Some analysts think that The Fourth Corner—which had hoped to open for business in January—will never gain share insurance coverage and therefore never open for business.
Also, in June, an amendment to a bill on the desk of Gov. Brian Sandoval called for the creation of new savings and loan institutions that could potentially solve many banking issues for Nevada cannabis dispensaries, growers and related businesses. Medical marijuana sales are legal in Nevada.
The amendment, part of a mortgage lending bill, would change the rules so savings and loan companies wouldn’t have to obtain insurance from the FDIC and would be allowed to seek deposit insurance from private insurers. The legislation would also remove a provision from state law that limits the operation of thrifts to those that received a license prior to 1997.