WASHINGTON D.C., DC — Washington pot shops might soon be able to get bank accounts under a bill cosponsored by a Washington senator.
Sen. Maria Cantwell (D-WA) cosponsored the Secure and Fair Enforcement Regulation (SAFER) Banking Act. If passed, the bill would prevent regulators from penalizing banks that work with legitimate cannabis businesses. This means pot shops and other cannabis businesses would be able to access banking and financial services and would not have to conduct all business in cash.
“Last year there were more than 50 robbery attempts at marijuana dispensaries in the State of Washington. This bill will take the target off the backs of our state’s dispensaries by updating federal banking laws so they don’t have to do all their business in cash,” Sen. Cantwell said.
The bill would also stop limiting or terminating a bank's federal deposit insurance if a bank chooses to open service to pot shops. Banks can also refuse service to cannabis businesses under this legislation.
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