Congress considers allowing banks to accept more marijuana money
Congress considers allowing banks to accept more marijuana money
Marijuana, even in states where it’s legal, remains a cash business. Federal banking laws generally prohibit financial institutions from doing business with the cannabis industry, but support is building in Congress to change that. The House Financial Services Committee passed a bill last month that would lift financial restrictions and open up banking in states where marijuana is legal. And Tuesday, the Senate banking committee will hold an informational hearing, which could result in a similar step forward.
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