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

cannabis bankingThe 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 spending any federal funds to prohibit or penalize banks and other financial institutions for providing services to cannabis businesses that are legal under state law. Currently most legal cannabis businesses are cash-only, as banks have been unwilling to work with them under fear of the federal government getting involved.

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