House Subcommittee Addresses Money Matters for Marijuana Transactions

The first marijuana hearing of the 116th Congress kicked off on Feb. 13, 2019, with members of a House financial subcommittee asking witnesses about how banking access can improve public safety, how operating on a cash-only basis inhibits transparency and, at one point, whether the cash at these businesses smells like cannabis.

“The absence of a broader, permanent regulatory framework continues to keep nearly all banks out of this growing industry despite a clear interest,” Democratic Rep. Gregory Meeks of New York, the chair of the subcommittee, said at the start of the session.

“Today's hearing will allow us to begin consideration of draft legislation to bring transparency, accountability and address a major driver of violent crime in this space.”

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