Two votes show bipartisan support for cannabis businesses to access banking services

WASHINGTON, DC – The House of Representatives cast two votes today in support of opening up banking services to state-legal marijuana businesses. By a vote of 231-192, the House passed an amendment to the Financial Services appropriations bill, forbidding the use of federal funds to penalize financial institutions that serve marijuana businesses operating legally under state law. The amendment was sponsored by Representatives Denny Heck (D-WA), Dana Rohrabacher (R-CA), Ed Perlmutter (D-CO), and Barbara Lee (D-CA).

By a vote of 236-186, the House also rejected an amendment, sponsored by Rep. John Fleming (R-LA), that would have blocked the implementation of guidance issued by the Department of the Treasury in February, intended to lay out a road map for banks seeking to serve the cannabis industry.

“This is a huge step forward for the legal cannabis industry,” said National Cannabis Industry Association executive director Aaron Smith. “Access to basic banking services is one of the most critical challenges facing legal cannabis businesses and the state agencies tasked with regulating them.”

“Now that a bipartisan coalition in the House has voted to fix the problem, it’s time for the Senate to take swift action to ensure that this sensible policy becomes the law of the land.”

If you are wondering about how to start a marijuana bsuiness, then go to 420 College;

420 College and attorneys will be hosting a live seminar in Pasadena to go over all aspects of marijuana business operation and provide with marijuana dispensary paperwork.

Our hands on medical marijuana business start-up seminars or one-on-one consultations are perfect to get started!

You get an intense day of advanced information about how to start and operate a medical marijuana patient collective (club or co-operative). This collective can cultivate and handle transactions between patient-members, while providing a community location for club activities, education and out-reach.

Find out how 420 College 2 DAY seminars can help you in your business, click here.