MarijuanaFile.jpg

A bill proposed in the U.S. Senate this week would give marijuana businesses access to the banking system. (Photo by Ted S. Warren / Associated Press [file])

A bipartisan group of U.S. senators is pushing for giving marijuana businesses access to the banking system.

The growing industry faces federal restrictions and marijuana remains illegal in most states. Efforts are underway to legalize marijuana in Massachusetts through a potential ballot initiative in 2016.

Massachusetts voters legalized medical marijuana through a ballot question in 2012, but the state has moved slowly to implement the law.

Aaron Smith, executive director of the trade group National Cannabis Industry Association, said his burgeoning industry is worth "nearly $3 billion nationwide."

"Without banks, many of our members are forced to operate entirely in cash, which puts their employees at risk for crime and creates massive challenges for businesses simply trying to pay their taxes, licensing fees, and other ordinary expenses," he said in a statement.

The bill's sponsors are U.S. Sens. Jeff Merkley, D-Oregon; Ron Wyden, D-Oregon; Michael Bennet, D-Colorado; Cory Gardner, R-Colorado; and Patty Murray, D-Washington.

Recreational marijuana use is legal in Colorado, Washington, Oregon, Alaska and the District of Columbia.

"Ever since Colorado voters approved the legalization of recreational marijuana, conflicting federal and state marijuana laws have required banks to refuse basic financial services to marijuana-related businesses in Colorado," Gardner said in a statement. "In turn, this has forced the industry to adopt an all-cash business model that fosters violent crime and puts all Coloradans at risk."

The bill was introduced in the U.S. Senate this week.

According to Merkley's office, the bill creates a "safe harbor from criminal prosecution and liability and asset forfeiture for banks and their officers and employees who provide financial services to legitimate, state-sanctioned marijuana businesses, while maintaining banks' right to choose not to offer those services."

A similar bill was filed in the U.S. House earlier this year. Rep. Jim McGovern, D-Worcester, is listed as a co-sponsor.