NEW YORK (MainStreet) — Marijuana reform continues on the federal level as the House of Representatives passed a groundbreaking banking bill last week. The bill passed on a bipartisan basis, by a vote of 231-192.
The amendment to the House Financial Services Appropriations Bill removes federal funding for Department of Treasury legal actions against banks that enter into business with state-sanctioned marijuana related companies. The House also voted to reject an attempt to block implementation of a key banking reform measure issued earlier this year by the federal Departments of Justice and Treasury which provides guidance to banks who wish to provide banking services to legal marijuana businesses that operate within the guidance of state laws.
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At this point, this does not mean that the bill becomes law.
“The fact that the House acted to pass this measure is terrific, but the immediate impact here is not complete,” said Taylor West, deputy director of the Cannabis Industry Association. “This will not become law unless the Senate also passes an amendment that is similar. It would have to survive a conference committee vote as well. That being said, the impact that the message about the approach that Congress is now taking to our industry is significant. This was a bipartisan measure that passed in a Republican controlled House.”
The banking measure was introduced by House members (on both sides of the aisle) from states where marijuana is legal under state law, for medical and recreational use. The measure was co-sponsored by Representatives Denny Heck (D-Wash.), Dana Rohrabacher (R-Calif.), Barbara Lee (D-Calif.) and Ed Perlmutter (D-Colo.).
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Cannabis Banking Bill Clears The House of Representatives
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