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

cannabismoney1The 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 Financial Crimes Enforcement Network, from using federal funds to punish banks that provide financial services to cannabis businesses that are operating legally under state laws.

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