Bill To Allow Pot Shops To Use Banks Passes House Of Representatives

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WASHINGTON, D.C. (CBS4) - The House of Representatives passed legislation allowing marijuana shops to keep their money in banks. Currently, the cannabis industry is banned from using financial institutions for their banking needs.

Marijuana buds on money (iStock/Getty Images)

Colorado Rep. Ed Perlmutter sponsored the legislation. Wednesday night, his office released a statement.

"I appreciate the partnership of Reps. Heck, Stivers and Davidson and the input and support from several others including Chairwoman Waters for their help passing this bill in the House. I look forward to working with Senate Banking Committee Chairman Crapo, Ranking Member Brown, and the entire Senate as they take up this important issue."

The bill now moves to the U.S. Senate where Colorado Sen. Cory Gardner has been pushing for similar legislation.

Opponents of the bill say the Secure and Fair Enforcement Act of 2019 (SAFE Banking Act) alludes that marijuana is safe. They claim it would give the black market and cartels access to the American banking system.