420 with CNW – Bill Filed in Illinois to Give Marijuana Industry Greater Access to Banking Services
Last week, an Illinois lawmaker filed a bill that would increase access to banking services for marijuana businesses. The number of financial institutions accepting to transact with marijuana-related businesses is increasing; however, the majority are still wary of doing business with cannabis businesses while cannabis remains federally illegal. Now new legislation that would create a licensing process for banks and credit unions has been introduced by Democratic Representative Kambium Buckner. The bill would allow financial institutions to accept and issue special purpose checks for cannabis businesses. The new legislation coincides perfectly with the comprehensive marijuana legalization bill, signed by the Illinois governor, which is set to take effect on January 1, 2020. Although the legislation would have no effect on federal marijuana policy, it would help mitigate the risks that are faced by marijuana businesses operating on a cash-only basis by allowing licensed financial institutions to accept alternative methods of payments. The new legislation assigns the responsibility of issuing the licenses to the Cannabis Banking and Credit Union Advisory Board. The provisions of the bill include providing a safe and fast way to pay state and local fees and taxes, facilitating the payment of rent associated with marijuana business account…
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