Nevada Bill Looks To License Banks For Marijuana Industry
CARSON CITY, Nev. (AP) — A new Nevada bill seeks to create a process for licensing banks and credit unions that would serve marijuana dispensaries.
The legislation filed Monday says it aims to provide those dispensaries with a "safe and efficient way" to invest in the economy and pay taxes.
The measure asserts that most marijuana businesses are forced to operate almost entirely in cash because banks are reluctant to serve them as customers. It says the reluctance stems from marijuana still being illegal under federal law.
Accounts from the licensed banks and credit unions under the bill would not be required to be insured by the Federal Deposit Insurance Corporation.
The bill also creates an advisory board to assess the implementation and enforcement of the legislation.