Because marijuana is still listed by the federal government as a “Schedule One” drug, those who are in the medical marijuana business have to deal with only cash.
Banks face losing their federal charters if they would allow deposits. And the banks could be criminally charged.
The Independent Community Bankers Association of North Dakota is hoping to change that.
"We have some 40 states that have some form of approved marijuana," said ICBND president Barry Haugen. "As an all-cash business, that's proving to be unsafe."
Haugen said it needs to get into a bank at some level. He said the bankers are hoping for a "safe harbor" for banking cannabis.
"We don't care if it's made legal or not," Haugen said. "But there has to be some safe harbor from federal prosecution."
Sen. John Hoeven (R-ND) said a bill is working its way through Congress.
"This is a matter of safety, and actually preventing fraud or illegality," Hoeven said. "It allows these legal enterprises to work with the banking system."
Hoeven said the bill has already passed the House, and there is bipartisan support for it in the Senate.
