LAS VEGAS (KTNV) — A major change may be coming to this country's banking system as a bill that would allow banks to serve cannabis businesses moves through Congress.
Good Morning Las Vegas anchor Justin Hinton reports those working in the marijuana industry say this change would make their lives a lot less complicated.
Despite the growth and success Planet 13 has experienced, David Farris says he still doesn't feel as though his company, or any other in the marijuana industry, is treated like a legitimate business. "It's wild. I mean, it's 2023, and we're still seeing people struggle to bank in the industry."
While weed is legal in Nevada, it remains illegal at the federal level, so banks will often stay away from serving cannabis companies to avoid violating the law. But soon, Farris says that could soon change.
"It's time. It's due, and we hope that we'll be able to have the same financial freedom as other businesses," he said.
The Senate Banking Committee — which includes Nevada Senator Catherine Cortez Masto — has approved markups for the Safer Banking Act
"It has been over 20 years since Nevada legalized cannabis for medical use and 6 years since Nevadans voted to approve its recreational use as well," Sen. Cortez Masto told Channel 13.
She continued, "Legitimate businesses as we have in Nevada should be able to access the banking system to deposit their revenue but also at the same time to pay vendors and their employees and not always be an all-cash business."
Sen. Cortez Masto says the bill's next steps involve putting it on the floor of the Senate, moving it out of the Senate, getting it to the House, and passing it.
High hopes for both her and Farris, who says he still runs into issues despite using a state bank for Planet 13.
"We've obviously experienced a lot of turmoil and difficulty when it comes to banking and just properly having the same freedoms that other businesses have, so I think that that's something that we've endured with the rest of the industry," he said.
A previous version of this bill passed in the House several times, but this is the first time the Senate has taken it up.
