A marijuana leaf displayed at Canna Pi medical marijuana pharmacy in Seattle, Washington, November 27, 2012. REUTERS / Anthony Bolante
The U.S. House of Representatives on Monday passed legislation allowing banks to provide services to marijuana businesses in countries where it is legal, a step toward removing what analysts say is an obstacle to the development of a national industry.
Legislators voted 321-101 to approve the bill and send it to the Senate.
The bill explains that proceeds from legal cannabis businesses will not be considered illegal and urges federal regulators to draw up rules for overseeing such banking activities.
Banks were generally unwilling to do business with companies that sell marijuana or related products because they feared they would violate federal laws.
This has left companies in the marijuana industry with few options, including relying on only a handful of small financial institutions or doing cash business.
The American Bankers’ Association has aggressively campaigned for the SAFE Banking Act.
‘Banks find themselves in a difficult situation due to the conflict between state and federal law, with local communities encouraging them to bank marijuana businesses and federal law banning it,’ the group said in a letter Monday. legislators wrote. “Congress must act to resolve this conflict.”
Thirty-six states have legalized medical cannabis, while 17 states now allow the use of adults, according to the National Conference of State Lawmakers.
Senate Majority Leader Chuck Schumer said in an early April interview with Politico that he would try to promote legislation that legalizes the use of marijuana for adults. Asked about the SAFE Banking Act, he said he would like to see such a bill continue as part of a more comprehensive measure – even if President Joe Biden is not supportive.
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