(This is a developing story and will be updated.)
The latest push for federal cannabis banking reform in the United States passed a markup hearing in the Senate Banking Committee on Wednesday, demonstrating bipartisan support for allowing state-legal marijuana businesses to access financial services and setting up the bill for a full vote in the chamber.
The outcome of Wednesday’s Senate Banking Committee hearing improves the prospects that regular financial institutions can serve state-legal cannabis businesses despite federal marijuana prohibition, reducing the MJ industry’s inconvenient and dangerous dependence on doing business in cash.
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The 23-member committee voted 14-9 in favor of sending the bill to the Senate floor with technical amendments.
It’s the first time the banking legislation – rebranded as the SAFER (Secure and Fair Enforcement Regulation) Banking Act – has garnered a yes vote in the Senate.
“This bipartisan legislation represents an improved version
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