Congress Confronts Cannabis Banking Reform
Congress addressed the challenges of financial institutions involved in cannabis and their discrepancies with federal law on Tuesday.
“The Senate Committee on Banking, Housing and Urban Affairs is hosting a hearing on Tuesday titled “Challenges for Cannabis and Banking: Outside Perspectives.” Lawmakers, industry representatives and advocates are testifying on the challenges" cannabis companies face in states where medical or recreational marijuana is legal.
Regardless of whether a state has legalized pot, financial institutions that work with the cannabis industry are still running afoul of federal law, putting them at risk of federal money laundering or racketing charges. This prevents growers, dispensaries and other cannabis companies from basic banking services like depositing their money.”
How do you think federally-legalized marijuana will affect financial institutions?