SALEM, Ore.–The Oregon House has passed a bill that will expand financial services currently available to legal marijuana businesses by removing criminal liability for credit unions and other financial institutions. It now awaits the signature of Gov. Kate Brown.
“The people of Oregon decided that cannabis is legal in this state. Because cannabis businesses are limited in the financial services available to them, this can create significant security and safety concerns that need to be addressed,” said Sen. Chuck Riley (D-Hillsboro), who carried the bill, in a statement. “Operating a cash-only business creates targets ripe for robbery and other crimes. This bill helps financial institutions serve cannabis industry clients, providing services that can alleviate those issues.”
According to the Northwest CU Association, the bill also directs the Oregon Liquor Control Commission and the Oregon Health Authority to provide financial institutions with information related to licensed or registered marijuana-related businesses, researchers and laboratories upon request. It directs the Department of Consumer and Business Services to study and report on any legislation or administrative action required to facilitate the financing of businesses that engage in production, processing or sale of marijuana and marijuana derived products.