Summary and opinion by Ronald Pires.
House Bill 4094 was passed by the States Senate with an overwhelming 55-4 vote! This bill will enable financial institutions to conduct their business as usual, but will now include those businesses in the cannabis industry. The fear from the Federal and States prosecution, will no longer burden the commerce of marijuana in Oregon. The necessity of reform will alleviate the cash only policies, and allow owners to utilize the banks services. The cannabis industry is flourishing in this North West state, and could no longer be ignored by the states representatives. Oregon was the first state to decriminalize marijuana back in the early 1970’s. So it was only fitting that this progressive state was the first to deregulate the banking of weed.
Thanks to James M. Cole (Deputy Attorney General), who made changes (August 2016) to the US Dept. of Justice’s rules, governing the sale of marijuana under the Control Substance Act, for whom this bill may have not been possible. Another obstacle was the Financial Enforcement Network who would regulate the sale of marijuana on the Federal level.
It will be just a matter of time before Alaska, Colorado, and Washington follow suit. Tax Revenue equals Money, and money is what drives our elected officials to decide on the issues of the day.
Oregon’s state motto is"She flies with her own wings," you keep flying baby, fly oh so high.
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