A bill sponsored by a Colorado Congressman that would allow legal marijuana dispensaries access to the federal banking system has been re-introduced to the House of Representatives — but it faces long odds.
Why does Perlmutter believe the legislation is necessary? Because marijuana is still illegal by federal law, many banks have refused to handle cash from marijuana business for fear of being charged with drug trafficking and money laundering by federal authorities. The Obama Administration announced it wouldn’t prosecute banks that financed or serviced marijuana business, but due to pot’s Schedule I status under the Drug Enforcement Administration, precious few have stepped forward. [Read more at the Denver weekly Westword]