Politics

More banks are welcoming marijuana businesses, Federal data shows

A growing bipartisan group of members of Congress has sought a legislative solution to the problem. ​ House and Senate bills to provide permanent clarity to the banking industry about working with marijuana businesses have earned increasing cosponsor numbers, but haven’t been scheduled for hearings or votes.

Because of banks’ reluctance to work with marijuana businesses, many growers, processors and retailers operate on a cash-only basis, which can make them targets for robberies … In 2014, the House voted 231 to 192 in favor of an amendment to prevent federal authorities from punishing banks for servicing the legal marijuana industry. But the language was not included in the final version of annual appropriations legislation that year and was not enacted into law. Congressional Republican leaders have since prevented similar measures from even being considered for attachment to subsequent spending bills.

Original Article (Forbes):
More Banks Are Welcoming Marijuana Businesses, Federal Data Shows
Artwork Fair Use: ESO/L. Calçada

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