Jul 22, 2019
Congress considers allowing banks to accept more marijuana money
Many marijuana dispensaries “have a mountain of cash” and no place to take it.
A cannabis tour member rolls a joint as the tour group makes a stop to smoke marijuana, on a cannabis tour organized by L.A.-based Green Tours, January 24, 2019 in Los Angeles, California.
ROBYN BECK/AFP/Getty Images
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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