Bill would give cannabis businesses access to banking
Senators from Oregon and other states have introduced legislation called the Secure and Fair Enforcement (SAFE) Banking Act to ensure that legal cannabis businesses can access banking services.
Currently, cannabis businesses are being denied access to the banking system because banks that provide them services can be prosecuted under federal law.
As a result, many cannabis businesses are cash-operated, and more susceptible to safety risks.
The SAFE Banking Act would prevent federal banking regulators from penalizing a bank for providing financial services to a legitimate state-sanctioned and regulated cannabis business.
It would also prohibit terminating ot limiting a bank’s federal deposit insurance solely because the bank is providing services to a state-sanctioned cannabis business.
Shelby Martinez, who works at Vth LMNT dispsensary in Bend as a budtender said Saturday, “I believe that I’ve heard that they can freeze accounts and things like tha,t to where we ,wont have money to purchase things or just keep the building going. So I know that’s just a fear that some of us have here.”
Many dispensaries out of that fear try to steer clear of banking systems to be able to maintain sole control over their businesses.
Supporters say they hope the SAFE Act, will give banks the right to choose whether or not they offer certain services and will protect them from criminal prosecution.
