Governor Kate Brown has signed legislation into law that seeks to encourage financial institutions to engage in financial relationships with state-compliant marijuana businesses.
The emergency legislation, House Bill 4094, “exempts financial institutions that provide financial services to marijuana related businesses, researchers and laboratories from any criminal law of this state” if it can be substantiated that their clients are engaging in state-compliant behavior.
The law took effect upon signing.
No industry can operate safely, transparently, or effectively without access to banks or other financial institutions. While it is encouraging to see state lawmakers take these steps, it remains to be seen whether local institutions will be more willing to work with marijuana operators absent similar changes in federal policies.
National Organization for the Reform of Marijuana Laws – Advocacy Campaigns
