Updated: Oregon Marijuana Bill Signed Into Law

Below is an earlier post on the House Bill 4094, which was signed into law on March 29.

Federal laws still classify marijuana as a Schedule 1 drug, making compliance difficult for credit unions trying to serve the legal cannabis industry. Champions of Oregon House Bill 4094 say the legislation could help the state’s credit unions service those businesses, because it exempts them from certain Oregon criminal laws.

“The bill is an important step for Oregon credit unions, providing some protections for those who serve the legal cannabis industry. However federal restrictions are still in place, so we maintain our policy interest in reconciling those conflicts,” said John Trull, AVP of Regulatory Advocacy for the Northwest Credit Union Association. “To ensure public safety these businesses need access to traditional financial services.”

Also calling for federal action is one of the bill’s champions, Representative Tobias Read (D-27).

“This bill is not the final answer, and we’ll have a lot more work to do, but it’s an important step in the right direction,” he said in a letter to constituents.

“While a solution at the federal level would be ideal, we can’t wait for the federal government to act,” said Read. “Without a clear timeline from the federal government, the state needs a solution, even if it’s temporary,” he continued.

Oregon Congressman Earl Blumenauer (D-3) noted he is “pleased that Oregon continues its leadership in marijuana reform.” Rep. Blumenauer told his 32,000 Facebook followers that the Oregon Legislature’s bill “will help as we fight this battle in Congress.”

Questions about this story? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

Posted in Advocacy News, Federal.