WASHINGTON, DC – U.S. Senator Bob Menendez, a senior member of the Senate Banking Committee, today announced the introduction of bipartisan legislation that ensures legal marijuana and related businesses have access to comprehensive and affordable insurance coverage. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act is cosponsored by Rand Paul (R-KY), Jeff Merkley (D-OR) and Kevin Cramer (R-ND).

The Banking Committee, this morning, will hold a hearing with industry leaders on ensuring marijuana and related businesses operating in states where they have been legalized have access to the banking system. Sens. Menendez, Paul, Merkley, and Cramer recently introduced the Secure and Fair Enforcement (SAFE) Banking Act of 2019 to ensure that legal marijuana businesses can access banking services.

“Federal law should not prohibit access to insurance for employees of local businesses these states voted to support, nor should it prohibit employers from acquiring insurance that protects their stores,” said Senator Cramer. “This legislation takes a federalist approach by opening the insurance market to compliant businesses and preventing federal law from hindering employees’ market access.”

You can read the full release here

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