Oregon Senator Merkley Integral in Passing Banking Services for Legal Cannabis Businesses

Appropriations Committee Passes Merkley-Murray Amendment to Provide Access to Banking Services for Legal Marijuana Businesses

Small cannabis plants (clones) are available at most medical dispensaries. Photo: Bonnie King, courtesy: CannaMedicine

(WASHINGTON D.C.) - At long last, Oregon's legal cannabis business industry is within sight of being able to access the banking system. It's a no-brainer that anyone doing business and receiving money should have a bank account, but until today, there was no light at the end of the tunnel.

Today, the Senate Appropriations Committee passed the Financial Services and General Government appropriations bill, which included an amendment from Oregon Senator Jeff Merkley and Washington Senator Patty Murray to ensure that legal marijuana businesses can access banking services.

It's not a done deal, of course, but well on it's way.

Right now, legally operated cannabis businesses in Oregon and other states with legal medicinal or recreational cannabis have a seriously hard time accessing any banks.

Why? It's simple: banks and credit unions that provide them services can be sanctioned or shut down under federal law.

This has been an ongoing problem, and not one without a lot of risk for business owners. Without the ability to access bank accounts, accept credit cards, or write checks, businesses must operate using large amounts of cash.

In Oregon alone, it is estimated that the cannabis market could bring in close to half a billion dollars during its first 14 months of legal sales.

Can you imagine carrying large amounts of cash to and from, anywhere? The safety risks for employees and even the surrounding communities is real, and absolutely unnecessary.

Besides, how in the world can local and state governments collect taxes accurately? That should have motivated folks long ago.

“The federal government should not be forcing Oregon’s legal marijuana businesses to carry gym bags full of cash to pay their taxes, employees and bills,” said Senator Jeff Merkley.

“This is an invitation to robberies, money laundering, and organized crime. We need to enable our banks to serve these legal businesses without fearing devastating reprisals from the federal government.”

“This amendment is really about providing clarity, stability, and security for our banks, credit unions, and small business owners who want to be able to operate in full daylight,” said Senator Patty Murray.

“The people in my home state of Washington spoke in favor of marijuana legalization years ago, and as the voice for my state, I will continue to push to help legal businesses access banking services without the fear of prosecution.”

The amendment, passed as part of the Financial Services and General Government appropriations bill, would prevent federal banking regulators from prohibiting, penalizing or discouraging a bank from providing financial services to a legitimate state-sanctioned and regulated marijuana business. The amendment passed 16-14.

The bill was voted out of the Appropriations Committee today on a bipartisan vote.

Next, it's headed for the Senate floor for a full Senate vote. Then, eventually it will be merged with a counterpart bill from the U.S. House of Representatives in order to be passed by both houses and signed into law.

Let us push to get this solved as soon as possible. Knowingly leaving legal business owners in a no-win situation through no fault of their own is downright un-American.

Sources include: Office of Senator Jeff Merkley

Salem-News.com Marijuana Coverage

Where and How to Smoke Legal Marijuana without Fear of Arrest in the U.S.

Eulogy of a Great Warrior: Hoss Plourde

The Ripple Effect How Marijuana Laws Are Impacting Society

Audit the Audit

Welcome Home, Tom

Comments Leave a comment on this story.

Name:

All comments and messages are approved by people and self promotional links or unacceptable comments are denied.

[Return to Top]

---

©2025 Salem-News.com. All opinions expressed in this article are those of the author and do not necessarily reflect those of Salem-News.com.