It’s just been announced via marijuanapolitics.com that Oregon will be the first state to legalize banking for marijuana businesses. Anthony Johnson reports that the House vote was 55-4 in favor for House Bill 4094, the bill will now be passed on to Gov. Kate Brown who is predicted to sign off on it as well.
House Bill 4094 will eliminate all potential criminal penalties banks or credit unions may face by working with marijuana related businesses operating within state law.
Marijuana Politics cites Sam Chapman of New Economy Consulting, who helped lead the lobbying effort for the bill, “HB 4094 provides ample breathing room for small banks and credit unions in Oregon to further examine how they can best provide services to the cannabis industry while also complying with the Cole Memo guidelines. I suspect the passage of HB 4094 will inspire other adult use and medical cannabis states to follow Oregon’s lead on solidifying banking reforms at the local level in the not too distant future”.
Anthony Johnson of Marijuana Politics noted that this bill is important because forcing businesses to hold onto large amounts of cash can be dangerous. This bill will ensure that banks and credit unions are not held liable for working directly with Oregon dispensaries and other marijuana businesses and providing them with financial services. Even though we are still looking for more progress on a federal level, Oregon is doing a tremendous job of setting the pace. This could definitely encourage other legal states to consider similar policies down the road.
(Photo Courtesy of www.denverpost.com)