Senate Bill Would Let Marijuana Businesses Store Profits In Banks

 Senate Bill Would Let Marijuana Businesses Store Profits In Banks

Bipartisan legislation introduced in the Senate on Thursday would solve a key issue for the marijuana industry: Its lack of access to financial services.

While a growing number of states are moving to legalize cannabis for recreational or medical use, ongoing federal prohibition makes many banks wary of working with state-licensed operators. As a result, marijuana growers, processors and retailers are largely forced to operate on a cash-only basis, which can make them targets for robberies.

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