Masto, Rosen support bank access for marijuana businesses

Both of Nevada’s U.S. senators have signed on to the legislation designed to provide legal marijuana businesses access to banks.

“Recreational marijuana use is now legal in Nevada and nine other states across the country and medical marijuana is legal in 33 states,” said Catherine Cortez Masto, D-Nev. “It’s time we created an infrastructure that would allow the marijuana industry in these states to operate legally and provide legitimate cannabis-related businesses with access to the banking system.”

“Nevada’s marijuana businesses are continuing to operate as cash-only businesses as a result of federal laws blocking access to financial institutions and services, leaving many of these businesses susceptible to theft,” said Jacky Rosen, D-Nev.

She said the SAFE Banking Act will allow those businesses the same access to financial institutions as other legal businesses.