Marijuana Banking Bill Approved

The U.S. House of Representatives passed a Bill that would give state-authorized marijuana businesses easier access to banking services.

The Bill, H.R. 1996, called the SAFE Banking Act, would prohibit federal banking regulators from penalizing banks and other depository institutions for providing banking services to cannabis businesses.

The Bill was passed on a 321-101 bipartisan vote.

It prohibits regulators from penalizing banks or credit unions that do business with a legitimate ganja operator.

Additionally, it prohibits penalties against related service providers or state or local governments with jurisdiction over the businesses.

The Bill also exempts ganja business transactions from being considered proceeds from illegal activity and subject to anti-money-laundering laws.

It would also prohibit banking regulators from asking banks to terminate a customer account unless there was a valid reason aside from reputation risk.

Readers Bureau, Contributor

Edited by Jesus Chan

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