Monday, 22 April 2019 16:27

Bill would give pot retailers access to banks

Written by

STATEWIDE - Recreational marijuana retail outlets will soon be operating in Maine but the federal government still outlaws the drug.

It is an issue that has faced medical marijuana dispensary operators for years. A major problem has been the fact that federal banking laws deny cannabis businesses access to banks and credit unions.

 

Maine Sen. Angus King is joining other federal lawmakers in supporting legislation that would allow legal cannabis operations to work within the banking laws.

 

According to a statement released by King's office, if this bill is approved marijuana businesses would have the right to accept credit cards and open bank accounts.

 

The proposed law has the backing of the Maine Bankers Association as well as the Maine Credit Union League.

National News