Banking, Banking, Banking
The federal banking bill could have implications beyond cannabis businesses, specifically in the trading game. Analysts see significant opportunities in the U.S. cannabis market if federal regulators here legalize the drug. That could be huge for exchange traded funds (ETFs).
But maybe don’t take it to the bank
A pair of Republican senators told Marijuana Moment that they believe cannabis banking legislation has a shot of getting a hearing in that chamber after House passage.
“He didn’t say ‘hell no,’” Sen. Kevin Cramer (R-ND) said of a key Banking Committee Chairman Mike Crapo (R-ID), whom he pressed on the bill. “I thought he was quite open-minded to it.”
Banks that serve lawful marijuana businesses would be protected from a crackdown by financial regulators such as the U.S. Department of Treasury under a provision in a draft congressional spending bill.
“None of the funds made available in this Act may be used to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, a producer, or a person that participates in any business or organized activity that involves handling marijuana, marijuana products, or marijuana proceeds, and engages in such activity pursuant to a law established by a State, political subdivision of a State, or Indian Tribe ….”
