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Head Of National Cannabis Industry In Portland, Talks Banking

A few types of medicinal marijuana offered at Pure Green,  a Medical Marijuana dispensary in Portland.

Katelyn Black

A few types of medicinal marijuana offered at Pure Green,  a Medical Marijuana dispensary in Portland.

The head of the National Cannabis Industry is in Portland to talk about federal changes he said are needed to fully implement Oregon’s recreational pot market.

Aaron Smith believes there is enough congressional support for changes to federal banking laws, which have prevented many marijuana businesses from accepting electronic transactions.

But he said some tax issues are likely to take more time.

“Regulated businesses can’t deduct things like payroll, rent, marketing expenses, that any other businesses can deduct," Smith said. "It’s really hampering the ability of these businesses to grow, to give their employees pay increases and benefits."

Smith said Oregon Democratic Rep. Earl Blumenauer is taking the lead on banking and other pot-related issues.

The Oregon Liquor Control Commission is working on new state rules for the recreational marijuana market.

Oregon is the third state in the nation to begin legal retail pot sales. When medical marijuana is included, 23 states have some form of legal sales.

Copyright 2015 Oregon Public Broadcasting

Kristian Foden-Vencil is a reporter and producer for Oregon Public Broadcasting, a JPR news partner. His reporting comes to JPR through the Northwest News Network, a collaboration between public media organizations in Oregon and Washington..
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