Less than a month after holding a fundraiser on the sidelines of a Colorado marijuana conference, Sen. Rand Paul, R-Ky., is joining the fight to give America’s growing legal marijuana industry access to banking services.
Paul, the first major-party presidential candidate to publicly seek support from legal marijuana industry, is among the bipartisan co-sponsors of the Marijuana Businesses Access to Banking Act of 2015, introduced Thursday in the Senate.
Similar legislation has already been re-introduced in the House after a previous effort to ease access to banking for marijuana companies failed.
The Senate bill would prohibit banking regulators from penalizing or discouraging banks from providing financial services to marijuana businesses operating in areas of the U.S. where marijuana has been legalized.
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