Tag: cannabis banking

WA: House Judiciary Committee Approves Measure Explicitly Allowing Financial Institutions to Work with Marijuana Industry

A Washington bill to give explicit permission to financial institutions to provide services to licensed marijuana businesses has been approved by the state’s House Judiciary Committee. The bipartisan House Bill 2098 was filed by Representative David Sawyer (D), and is cosponsored by Representatives Brandon Bick (R), Steve Kirby (D) and Cary Condotta (R). The measure “Provides immunity from state …

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Senators Sanders, Warren, Booker and Others Join Forces in Calling for Cannabis Banking

A group of U.S. senators have sent a letter to the Treasury Department’s Financial Crimes Enforcement Network urging the government to allow cannabis banking. The bipartisan group of senators that sent the letter include Senators Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Lisa Murkowski (R-AK), Jeff Merkley (D-OR), Angus King (I-ME), Ron Wyden …

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E-mail Leak Reveals Clinton’s Marijuana Debate Prep, in Support of Marijuana Banking

A new Wikileaks e-mail leak shows how presidential candidate Hillary Clinton was prepared to respond to certain marijuana-related questions in the most recent debate, including her position on whether banks should be allowed to do business with marijuana companies. The e-mails were part of a hack of John Podesta, Clinton’s campaign chair. One of the …

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U.S. Senate Appropriations Committee Passes Proposal to Allow Cannabis Banking

The U.S. Senate Appropriations Committee today gave approval to an amendment that would allow banks to provide services to cannabis businesses that are legal under their state’s law. The amendment, put forth by Senator Jeff Merkley (D-OR), was made to the Financial Services and General Government Appropriations bill. The amendment would prevent government entities from …

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U.S. Senate’s Top Democrat Signs Bill to Allow Cannabis Banking

Senate Minority Leader Harry Reid (D-Nevada) has signed on as a cosponsor to legislation that would allow legal cannabis businesses to gain access to federal and state banking systems. The Marijuana Businesses Access to Banking Act, which was introduced by Senator Jeff Merkley, would allow cannabis businesses that are legal under their state’s law to …

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U.S. Senate Committee Approves Measure to Allow Banks to Provide Services to Cannabis Businesses

The United States Senate Appropriations Committee has approved a measure that would ensure cannabis businesses that are legal under state law have access to banking services. The amendment, sponsored by Senator Jeff Merkley (D-OR) and added to the Financial Services and General Government Appropriations bill, would prohibit the Treasury Department and its enforcement arm, the …

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Legislation to Allow Banks to do Business with Cannabis Outlets Filed in U.S. House

United State Representatives Ed Perlmutter (D-CO) and Denny Heck (D-WA), along with a bipartisan group of 16 other lawmakers, introduced House Resolution 2076 today, a proposal to allow cannabis businesses to access the banking system if following state law. The bill – which is titled the Marijuana Businesses Access to Banking Act of 2015 – …

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Colorado Division of Financial Services Grants Charter to Credit Union for Cannabis Industry

By Associated Press DENVER, CO — Colorado has granted a charter for the first financial institution to serve its cash-only marijuana industry. However, before it can open permanently for business, action is also required by the National Credit Union Administration and Federal Reserve. The Colorado Division of Financial Services issued the charter Wednesday to The …

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U.S. House of Representatives Votes to Ease Cannabis Banking Laws

The United States House of Representatives has voted in support of making it easier for banks to do business with cannabis outlets that are legal in the states they operate in. The vote, which was 236 to 186, came Tuesday on legislation introduced by Louisiana Representative John Fleming, who was attempting to block the Treasury Department from implementing a memo it …

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U.S. Government Releases Memos Giving the OK to Cannabis Banking

The U.S. government issued rules on Friday allowing banks to legally provide financial services to state-licensed cannabis businesses, as long as those businesses are following certain guidelines. In separate advisories issued by the Justice Department and the Treasury Department, the memos follow comments expressed last month by Attorney General Eric Holder, who noted concerns over …

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