DENVER (CBS4) – A new bill in the U.S. Senate aims to allow legal marijuana businesses to use banking services.

The bipartisan bill was introduced Thursday and would protect banks from criminal prosecution when working with marijuana businesses.

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Ryan Fox, CEO of Denver’s Kindman cannabis distributors, welcomes the bill and said it would improve the marijuana and banking industries.

One of the benefits would be freedom from cash-only transactions, increasing efficiency, Fox said.

Gov. John Hickenlooper applauded the bill, saying the federal government has the duty to ensure people’s safety as marijuana legalization expands.

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