Sen. Merkley to testify in support of banks working with marijuana businesses

SALEM, Ore. – Democratic Sen. Jeff Merkley of Oregon is taking his support of the cannabis industry to a national level.

He’s working to make it easier for pot shops to work with banks.

Even though marijuana has been legal for years in Oregon, those in the industry still have trouble working with banks. That’s because many banks fear repercussions of working with those in the cannabis industry, since it’s still not legal on the federal level.

The banking barrier means pot shops are regularly having to hold on to large sums of cash, which Merkley said is unsafe and can lead to accountability issues.

To address the concern, Merkley will testify at a hearing on cannabis banking, led by the Senate Banking Committee Tuesday.

A representative of an Oregon credit union that’s been helping hundreds of Oregonians in the marijuana business deal with the banking challenge will also testify.

The hearing is at 7 a.m. PDT. Click here to watch the hearing live.