Illinois Bill Would Give Marijuana Businesses Access To Some Banking Services

An Illinois lawmaker filed a bill last week that would increase marijuana businesses’ access to some basic banking services. While a growing number of financial institutions have begun accepting cannabis-related clients, many more remain wary of working with the industry while the plant remains federally illegal. But now, state Rep. Kambium Buckner (D) has introduced legislation that would create a process to license banks and credit unions that would be able to accept and issue “special purpose checks” specifically for marijuana business operations. It would prove especially timely, as Illinois’s governor signed a comprehensive marijuana legalization bill in June, and the program is set to go into effect on January 1, 2020. The legislation wouldn’t fix the federal banking dilemma, but it’s designed to help mitigate the unique risks that cannabis firms face when they’re forced to operate on a largely cash-only basis by giving licensed institutions the ability to accept the specialized, alternative payment methods. A Cannabis Banking and Credit Union Advisory Board would be responsible for issuing the licenses under the proposal. According to the bill’s text, the board would be tasked with providing “a safe and efficient way to pay State and local taxes and fees, to…

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Source : MJ moment
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