After passing the State’s House of Representatives on a vote of 56-3, House Bill 4094, which removes criminal liability from banks and credit unions so they can lend money to lawful marijuana businesses is headed to the Senate for final approval.
At this point in time one of the biggest roadblocks for Cannabis driven businesses is the federal laws that prevent them from obtaining banking services. This bill would give them immunity and also tells the Dept. of Consumer & Business Services to look into options for the future of this growing industry.
The hope among cannabis advocates is that legislation like what is about to pass in Oregon is that it will send a message to lawmakers at the federal level.
Not only in Oregon, but Nationwide in states where marijuana is legal banking services are the number one roadblock to industry progress. The vote in Oregon is a benchmark for things to come nationwide and activists are hoping to point to it as an example as they make the push for similar legislation at a federal level.
House Bill 4094 has now been moved to the Senate President’s desk, where it is scheduled have its first reading Wednesday February 17th.