Merkley, Wyden and Blumenauer Call on Congress to Pass Legislation Allowing Legal Marijuana Businesses to Access Banking Services

Press Release

Oregon's Senators Jeff Merkley and Ron Wyden and Congressman Earl Blumenauer were on hand today at Rivermark Community Credit Union to call on Congress to pass legislation sponsored by all three elected officials that would ensure legal marijuana businesses can access banking services.

Currently, marijuana businesses operating under state laws that have legalized medicinal or adult-use marijuana have been mostly denied access to the banking system because financial institutions that provide them services can be prosecuted under federal law. Without the ability to access bank accounts, accept credit cards, or write checks, businesses must operate using large amounts of cash.

"There's a reason most of us don't walk around with thousands of dollars of cash stuffed in our backpacks. It's an invitation to crime and malfeasance," said Senator Merkley. "But that's what we are forcing legal Oregon businesses to do because financial institutions are prohibited from providing services. That must change."

"I support the will of the people of Oregon, and they have spoken clearly to legalize marijuana," said Senator Wyden. "Federal banking laws must respect Oregonians' voice with updated regulations so upstanding owners of small businesses that are legal in our state aren't relegated into acting like thieves in the night skulking around with sacks full of cash"

"There is absolutely no justification for forcing thousands of legal marijuana business here in Oregon and across the United States to do their business on an all cash basis," said Representative Blumenauer. "Not only does this stifle the ability of people to actually grow their businesses, this is a serious public safety issue that will only continue as more states reform their laws."

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