Representative Ed Perlmutter Has Introduced A Marijuana & Banking Bill For The Third Time

The bill would allow marijuana businesses access to the banking system, they currently can only operate as a cash business.

Video Transcript

- Congressman Ed Perlmutter says this year the marijuana industry will finally gain access to the banking system. Today he introduced for the third time a bill that would allow business-- make that marijuana-related businesses-- that type of access. They are now prohibited, since marijuana is still illegal at the federal level.

Perlmutter says forcing the industry to operate all cash has led to burglaries, even murders. He says this bill is about public safety.

ED PERLMUTTER: Everyone knows this is a serious issue that Congress needs to address. 47 states, four US territories, and the District of Columbia have legalized some form of recreational or medical marijuana, including CBD.

- Perlmutter says the national cannabis industry is valued at nearly $18 billion. He says his bill would also give the banks more capital to lend to those businesses.