House Approves Bill to Allow Cannabis Industry to Access Banks

The House of Representatives passed a standalone marijuana reform bill for the first time in history on Sept. 25, 2019.

The chamber advanced the legislation — which would protect banks that service the cannabis industry from being penalized by federal regulators in a vote of 321-103.

For six years, lawmakers have been pushing for the modest reform, which is seen as necessary to increase financial transparency and mitigate risks associated with operating on a largely cash-only basis — something many marijuana businesses must do because banks currently fear federal reprisal for taking them on as clients.

Read the full article at WeedMaps.com