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.
