U.S. Sen. Robert Menendez speaks after leaving a closed-door meeting about Saudi Arabia with Secretary of State Mike Pompeo in November 2018.
Jonathan D. Salant
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WASHINGTON — Legislation introduced in the U.S. Senate on Thursday would allow you to use your credit card to buy legal weed.
The measure would let legal marijuana businesses to open bank accounts, write checks and take credit cards. New Jersey has yet to legalize recreational weed but qualified patients can buy medical marijuana.
“The fact is, we already have legal medical marijuana businesses in New Jersey,” said U.S. Sen. Robert Menendez, D-N.J., who introduced the measure along with 21 other senators of both parties.
Charge my weed, please. Menendez says marijuana businesses should be allowed to take credit cards and write checks.
“What they don’t have are bank services to pay employees, take credit cards, write checks or pay taxes,” said Menendez, a member of the Senate Banking Committee with jurisdiction over the issue. “Instead, they’re forced to operate entirely in cash—large sums—an open invitation for robbery and crime.”
Since marijuana is illegal on the federal level, federally regulated financial institutions have been unable to provide banking services even in states that have legalized cannabis. The bill would prevent federal regulators from taking action against banks serving legal marijuana operations as well as related businesses.
“Lack of access to financial services is creating public safety problems for the rapidly growing legal cannabis industry, as well as interfering with transparency and access to capital for small businesses,” said Aaron Smith, executive director of the National Cannabis Industry Association.
Menendez said he also plans to introduce separate legislation to allow insurance companies to provide services to legal marijuana businesses.