The Republican chair of the Senate Banking Committee said on Thursday that his panel will hold a vote on legislation allowing banks to service state-legal marijuana businesses this year.
Chairman Mike Crapo (R-ID) told Politico that while he doesn’t support ending federal cannabis prohibition, his committee will take up the industry’s banking issues, which was the subject of a hearing the panel held in July.
Because marijuana remains federally illegal, many financial institutions remain wary of taking on cannabis business clients -- forcing them to operate on a cash-only basis -- and there’s a growing bipartisan call to resolve the problem.
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Kyle Jaeger ~ MarijuanaMoment.net ~
