New law makes access to banks easier for cannabis companies

by Team Inc.

2019-03-28- Access to banks may be easier for cannabis companies

A congressional committee voted on Thursday to pass legislation that may increase marijuana companies' access to banks. After days of lengthy debate and consideration of several amendments, the House Financial Services Committee voted 45 to 15 to submit the legislation to the entire body.

Proponents of cannabis reform are hopeful for approval
of the banking law by the committee is a sign that Democrats are ready to implement broad marijuana reforms this year. James McGovern, chairman of the House Rules Committee, said in a radio interview on Wednesday that he expects the chamber to vote on the legislation to end the federal marijuana ban within a few weeks.

All of the party's major 2020 presidential candidates now support outright legalization, as do a majority of voters, according to polls. “The banking law addresses an urgent public safety concern for legitimate businesses that currently rely solely on cash,” said Maxine Waters (D-CA) chairing the committee's work.

“However, I also view this bill as part of a holistic approach to providing criminal justice reform to those affected by the criminalization of marijuana. It certainly should not be the only law the House is passing on the important issue of cannabis reform. ”

Although some studies show that a smaller majority of the voters of the republican party GOP, Grand Old Party, want to end the ban on cannabis, top republicans from the Financial Services Committee asked Waters to postpone the vote on banking legislation. This is because they still had unanswered questions about the measure.

“Some support the measure as written. Many oppose it, ”Patrick McHenry (R-NC), the panel's Republican, in his opening speech at the committee meeting. “One committee hearing is not enough to fully understand the ramifications of this law, it is a massive change in federal policy. “
The fact that the vote continued with GOP objections is a sign that the effective marijuana roadblock on Capitol Hill has been lifted by the new democratic majority of the Chamber. According to the approved law, federal banking regulators should not refuse legal cannabis companies.

The number of bank accounts for cannabis companies is currently growing as government policy changes. However, many beacons remain cautious for fear of violating federal money laundering or drug laws. This forces cannabis growers, processors and sellers to make huge cash payments. This makes them an easy target for robberies.

Read more forbes.com (Source)

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