The House voted for a sixth time to let banks offer credit cards and checking accounts to legal cannabis businesses.
Legislation allowing banks to offer credit cards, checking accounts and other financial services to legal cannabis businesses passed the U.S. House Friday, the sixth time that the Democratic-controlled chamber approved such a measure.was included in legislation providing federal assistance to help U.S. manufacturers better compete with China. That measure was approved largely along party lines, 222-210.
Federally regulated banks have been caught in the middle between U.S. law, which outlaws cannabis, and the laws of dozens of states, including New Jersey, that now allow some use of cannabis.Some cannabis advocates say they do support the criminal justice provisions, but would rather see something rather than nothing. Even somehave endorsed passing SAFE Banking on its own, saying it would allow them to raise the money they need to compete with well-heeled cannabis companies.
Another influential organization, the Cannabis Regulators of Color Coalition , a group representing multiple government officials tasked with overseeing cannabis programs, has met with Senate Majority Leader Chuck Schumer alongside other cannabis advocates to push back against that narrative. “Whenever it’s up to discretion, the banks are mostly risk-adverse — that history is clear, that data is shown, so we anticipate only seeing benefits going to larger more capitalized, well-established businesses, which is actually the opposite of the story that’s being told,” she said.
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