WASHINGTON, D.C. (CBS4) – The House of Representatives passed legislation allowing marijuana shops to keep their money in banks. Currently, the cannabis industry is banned from using financial institutions for their banking needs.
Colorado Rep. Ed Perlmutter sponsored the legislation. Wednesday night, his office released a statement.READ MORE: Colorado Kids & Teens Excited To Get Vaccinated At Rocky Mountain Hospital For Children
“I appreciate the partnership of Reps. Heck, Stivers and Davidson and the input and support from several others including Chairwoman Waters for their help passing this bill in the House. I look forward to working with Senate Banking Committee Chairman Crapo, Ranking Member Brown, and the entire Senate as they take up this important issue.”READ MORE: Semi Crash Closed Part Of Interstate 70 In Glenwood Canyon
The bill now moves to the U.S. Senate where Colorado Sen. Cory Gardner has been pushing for similar legislation.MORE NEWS: Alleged U.S. Capitol Rioter Patrick Montgomery Faces Arrest After Hunting Mountain Lion
Opponents of the bill say the Secure and Fair Enforcement Act of 2019 (SAFE Banking Act) alludes that marijuana is safe. They claim it would give the black market and cartels access to the American banking system.