U.S. Rep. Dina Titus (D-NV) wants to help those legal marijuana businesses start the New Year on a significantly safer note. Just two days after Christmas, Rep. Titus utilized some of her online muscle to encourage a legislative fix for banks working with lawful marijuana businesses.
Titus, who serves the 1st Congressional District of Nevada, and who has adamantly supported a state’s right to legalize medical marijuana, fired off an intriguing tweet Wednesday afternoon.
Despite its legal status in 29 states plus the nation’s capital, depositing marijuana-derived cash is an ongoing problem for many in the industry. Under federal law, America’s banks and credit unions are strictly prohibited from taking any cash earned from the sale of state-sanctioned marijuana products.
And that’s something Rep.Titus would like to change.
The co-sponsor of a marijuana banking bill, Rep. Titus along with Rep. Ed Perlmutter (D-CO), introduced H.R. 2215 April 27. Better known as the SAFE Act of 2017, the proposed legislation would protect those banks and credit unions that provide “financial services” for America’s legitimately operated marijuana-related businesses.
Under the SAFE Act of 2017, federal banking regulators would be prohibited from terminating or restricting of the deposit insurance of a depository institution under the Federal Depository Insurance Act, or the Federal Credit Union Act – simply because the bank or credit union has provided financial services to a legitimate marijuana-related business.
Despite the perceived risk in serving the legal marijuana industry, about 390 banks and credit unions are currently embracing the future, according to the U.S. Treasury.
Provided our federal government doesn’t wake up and smell the herb, cryptocurrencies like Bitcoin will be there to profit from a shortsighted financial policy.
This article was originally published on Marijuana.com.
About Monterey Bud: Born in Long Beach, raised on the central coast: I surf, dab, burn, and blog – though not necessarily in that order. I’m a husband, a father and a lifelong consumer of connoisseur grade weed. I don’t drink alcohol or consume any other “drugs.” I consider myself to be living proof that weed is not a gateway drug. If it were, I’d be in some serious trouble. Instead, as a 50-year-old ex-realtor that has been smoking weed for nearly 80% of my life (just did the math) … I can only say, marijuana is safer than prescription pills or alcohol could ever hope to be for calming what stirs the savage beast.