Currently, under federal banking laws, many legal, regulated legitimate marijuana businesses that follow state law are prevented from opening bank accounts and operating as any other businesses would. They are therefore forced to operate as cash-only enterprises, inviting crime such as robbery and tax evasion and adding to the burden of setting up a legitimate small business.
The Marijuana Business Access to Banking Act would allow banks, credit unions and other depository institutions the legal clearance to provide banking services to a marijuana-related legitimate business, ensuring these businesses do not have to operate on a cash-only basis.