U.S. House of Representatives approves cannabis banking bill (FOX Business)

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    FILE PHOTO: A marijuana leaf is displayed at Canna Pi medical marijuana dispensary in Seattle, Washington, November 27, 2012. REUTERS/Anthony Bolante

    U.S. House of Representatives approves cannabis banking bill – By Reuters (FOX Business) / April 19 2021

    Measure allows banks to provide services to cannabis companies in states where it is legal

    The U.S. House of Representatives on Monday passed legislation that would allow banks to provide services to cannabis companies in states where it is legal, a step towards removing what analysts say is a barrier to development of a national industry.

    Lawmakers voted 321-101 to approve the bill and send it to the Senate.

    The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and directs federal regulators to craft rules for how they would supervise such banking activity.

    Banks have generally been unwilling to do business with companies that sell marijuana or related products, fearing they could run afoul of federal laws.

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