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Bill to let banks work with cannabis firms advances in U.S. House

Published by The Nation on Mon, 01 Apr 2019


A UNITED States congressional panel has advanced legislation that would allow banks to provide services to cannabis companies in states where it is legal.The bill would provide sought-after clarity to banks across the country that want to do business with the growing industry, where companies have struggled to gain access to the financial system.The measure, which was broadly backed by a mixture of Democrats and Republicans, now proceeds to the full House, where it is expected to be passed by the Democrat-led chamber in the near future. However, the bill faces an uncertain future in the Republican-led Senate, according to analysts.While all but three states allow for some form of legal cannabis use, marijuana is still illegal on the federal level. That has left banks largely unwilling to do business with businesses that sell marijuana or related enterprises, out of concern they could run afoul of federal laws.In particular, banks are wary that taking deposits from pot businesses while marijuana remains illegal at the federal level could violate anti-money laundering laws, which in turn could put at risk their federal charters or access to federal payments systems.Companies in the marijuana industry have extremely limited options for dealing with their finances, with many relying on strictly cash to do business.Numerous lawmakers noted that operating exclusively in cash can be extremely dangerous, making companies a target for theft.
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