Wednesday, October 20, 2021

Marijuana banking bill passes committee

A congressional committee voted on and approved legislation for increasing marijuana businesses’ access to banks. After several days of debate, the House Financial Services Committee voted 45 to 15 on Thursday to advance the marijuana banking bill to the full body.

According to an article from Forbes Magazine, floor action has not yet been scheduled, but cannabis reform advocates are hopeful for the approval of this bill.

House Rules Committee Chairman James McGovern (D-Mass.) said in a radio interview on Wednesday that he expects the chamber to vote on legislation to end federal marijuana prohibition within a matter of “weeks.”

All of the party’s major 2020 presidential candidates now support outright legalization, as do a majority of its voters, according to polls. The bill would make it illegal for a federal regulator to penalize an institution that accepts insured deposits from marijuana businesses, but only in states where the substance is legal.

“It’s not just the direct, marijuana-related businesses that impact the process – growing, transporting, selling – that are currently illegal,” OBA president and CEO Roger Beverage said, in a recent OBA Update. “It’s the ancillary businesses: The landlord where the dispensary is located; the plumber who installs and repairs the bathroom or the water supply; or the electrician who examines the dispensary and makes certain its electric system is up to speed – all are affected by the new law. That’s where we are today, and that’s nuts.”