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Congress could free up banks to do business with marijuana companies

Posted by   /  June 6, 2017  /  1 Comment

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By Trey Williams | MarketWatch

A bipartisan amendment is under consideration by Congress that would allow federally-regulated banking institutions to do business with marijuana companies without fear of federal repercussions.

The amendment, brought forth by Florida Republican Matt Gaetz and Florida Democrat Darren Soto, would prohibit federal banking agencies from discouraging or penalizing banks for taking deposits from cannabis-related businesses that abide by state laws and regulations.

Most banking institutions have steered clear of doing business with marijuana companies as the regulatory risk is high since marijuana is still illegal at the federal level. Marijuana is still labeled a Schedule I substance along with heroin and LSD.

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1 Comment

  1. Luz Lopez says:

    This should NOT BE ALLOWED BECAUSE FOR MANY Years, Congress would never allowed marijuana to be legalized for medicinal purposes. Now because they realize how many billions of dollars it has brought to Colorado, now they want a piece if the cha ching?? No. Stop fighting against cfpb because those are important for consumers. Banks Do NOT belong in the marijuana business. Stop ripping people off and do the right thing for all consumers if you want to succeed before everyone starts dumping banks

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