WHAT'S THE DEAL WITH THIS POT-RELATED BANKING BILL?
Sens. Elizabeth Warren, D-Mass., and Cory Gardner, R-Colo., announced a bill last Thursday to exempt persons complying with state marijuana laws from the federal pot prohibition under the Controlled Substances Act.
The legislation would give cannabis-related businesses in states that legalized the substance access to banking.
The legislation doesn't attempt to legalize marijuana, rather it proposes an amendment to the Controlled Substances Act. The amendment would protect individuals who use cannabis, so long as such use in in compliance with state/tribal laws. The bill likewise asserts that compliant marijuana transactions don't constitute acts of trafficking. And, finally, the bill removes industrial hemp from the list of CSA prohibited substances. .
In a statement, Sen. Gardner said, "The federal government is closing its eyes and plugging its ears while 46 states have acted... The bipartisan, commonsense bill ensures the federal government will respect the will of the voters - whether that is legalization or prohibition - and not interfere in any states' legal marijuana industry."