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House Approves Marijuana Business Banking

marijuana business banking

The House voted 231-192 to prevent the Treasury Dept from spending funds penalizing banks that accepted dispensary deposits.

The United States House of Representatives approved a historic public safety measure to allow legal cannabis businesses to use the banking system.

The legislation would prohibit the use of federal funds to penalize banks and credit unions for providing financial services to state-licensed pot businesses.

It is unclear if the measure will make a difference for banks and credit unions that are weighing the risks involved with serving the pot business. Marijuana remains illegal under federal law, but numerous states have legalized its medicinal or recreational use, and that conflict puts banks in a difficult position.

Still, the House vote marks another step in the direction of bringing marijuana enterprises into the financial mainstream. In February, the Financial Crimes Enforcement Network released guidance for banks interested in serving the marijuana industry.

The Senate will still need to approve its version of the amendment to become law. 

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