Sentences with phrase «marijuana businesses access»

Gardner separately said in an interview Wednesday he is 80 % finished with legislation he is writing to ensure states don't run afoul of the federal prohibition on marijuana and to allow marijuana businesses access to the financial system.

The Marijuana Business Access to Banking Act would prohibit any federal banking regulator from «prohibiting, penalizing or otherwise discouraging a depository institution from providing financial services to a marijuana - related legitimate business.»

Not exact matches

Marijuana interdictions at the Mexican border are down substantially, youth use has not increased in states with legal access to cannabis, and responsible cannabis businesses are contributing tens of thousands of jobs and hundreds of millions of dollars in economic impact to their communities.»

But when former President Obama issued a memo during his term that encouraged banks to do business with the marijuana industry, this loosened up access to both some banks and payment processors for cannabis - related companies.

«We are pleased to see the Obama administration will not cause harm to citizens and states by shutting these businesses down, and hope this will lead to an expansion of sensible policies related to marijuana, such as allowing these businesses access to banking, and taxing them at a fair rate,» said Aaron Smith, executive director of the National Cannabis Industry Association, a Washington, D.C. - based trade group that represents what it says are the thousands of firms involved in marijuana production and sales.

«Currently, under federal banking laws, many legal, regulated legitimate marijuana businesses — operating legally according to state law — are prevented from maintaining bank accounts and accessing financial products like any other business, such as accepting credit cards, depositing revenues or writing checks to meet payroll or pay taxes,» Perlmutter said.

He did propose some interesting new particulars that reinforce his hybrid approach, including access to marijuana for medical uses and tax cuts for businesses.

By accepting bitcoin and using it up and down supply chains, marijuana businesses will have access to a secure financial system that is just as effective as traditional banking — if not more.