An amendment by Sen. Jeff Merkley (D-Ore.) could provide the green light formarijuana-related businesses to receive financial services.

The senator attached the amendment to the ComprehensiveAddiction and Recovery Act of 2016 (S.524) on March 3. Containedwithin the amendment – called the Marijuana Businesses Access toBanking Act of 2016 – is language that would provide safe harborfor depository institutions seeking to provide financial servicesto marijuana-related businesses.

It said, specifically, that federal banking regulators may notlimit or terminate deposit insurance or share insurance for aninstitution that provides financial services to legitimatebusinesses in states where the activities are legal and theinstitutions are following a set of regulations.

Additionally, the amendment said neither financial institutionsnor their officers may be held liable for providing services to thebusinesses. Further, it stated financial service providers will notbe subject to criminal, civil or administrative forfeiture forhaving a legal interest in the collateral for a loan made to amarijuana-related business.

Merkley's amendment gained bipartisan support from Senators RandPaul (R-Ky.), Harry Reid (D-Nev.), Michael Bennet (D-Ore.), RonWyden (D-Colo.), Patty Murray (D-Wash.) and Elizabeth Warren(D-Mass.), all of whom cosponsored the measure.