Colorado democrat congressman Ed Perlmutter today introduced a bill that would allow banks to carry the accounts of medical marijuana and state-legal recreational marijuana businesses.
Because marijuana is illegal in all forms at the federal level, banks insured by the federal government have been reluctant to do business with marijuana dispensaries, even though the pot shops are legal at the state level. That has left hundreds of legal marijuana-related businesses across the country operating on a cash-only basis or hiding the true nature of their business from bankers.