PORTLAND, Ore. (KOIN) — Legal cannabis businesses are one step closer to gaining access to banking services here in the US. On Monday, the US House passed the federal Secure and Fair Enforcement Banking Act, co-sponsored by Oregon Rep. Earl Blumenauer.
Banks and credit unions right now aren’t allowed to serve cannabis businesses, even savings accounts or payroll checks.
This forces businesses to operate on a cash-only basis, which can be dangerous. It also makes tracking revenue difficult for tax purposes.
Of course this is 4/20 — the unofficial High Holiday of Cannabis. Blumenauer was one of the lawmakers tweeting about it.
“Spending 4/20 the only way I know how — at the US Capitol advocating to end the failed prohibition of cannabis and ensure restorative justice for those harmed by the war on drugs. #LegalizeIt”
Senators Jeff Merkley and Ron Wyden also tweeted.
“We should legalize cannabis nationwide. #LegalizeIt,” Merkley said.
“Working as hard as I can to legalize it this year. #420,” Wyden tweeted.