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Purple Power

Updated: Legislation Would Protect Cannabis in Legal States, Enable Banking

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Legislation Would Protect Cannabis in Legal States, Enable Banking

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A bipartisan group of Washington, DC, lawmakers have joined forces to protect cannabis industries in states where it’s been made legal from the federal government.

 

Sens. Cory Gardner, a Colorado Republican, and Elizabeth Warren, a Massachusetts Democrat, introduced the Strengthening the 10th Amendment Through Entrusting States Act on Thursday, June 7, 2018.

 

The STATES Act is intended to protect states where cannabis has been legalized from federal interference by amending the Controlled Substances Act (CSA) so that as long as states comply with a few basic protections, the CSA provisions no longer apply to people acting in compliance with state laws relating to marijuana activities......

 

 

 

 

https://www.marijuana.com/news/2018/06/legislation-would-protect-cannabis-in-legal-states-enable-banking/

 


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House Panel Votes Down Banking Reform, So Marijuana Businesses Are Left Holding the (Cash) Bags

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The defeat of the SAFE Banking Amendment is not just about cannabis. It is about addressing the needs of a booming industry. Businesspeople, farmers, patients, physicians and thousands of others who work in cannabis and ancillary fields remain shut out of much-needed banking services.

 

On Wednesday, June 13, 2018, the House Appropriations Committee voted down a measure that would have protected banks and financial institutions that deal with all aspects of the medical and recreational cannabis industry......

 

 

 

https://www.marijuana.com/news/2018/06/house-panel-votes-down-banking-reform-so-marijuana-businesses-are-left-holding-the-cash-bags/


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Proposed US banking fix for marijuana may not open all doors

 

 

LOS ANGELES (AP) — A proposal in Congress to ease the U.S. ban on marijuana could encourage more banks to do business with cannabis companies, but it appears to fall short of a cure-all for an industry that must operate mainly as a cash business in a credit card world.

 

Marijuana is legal in some form in about 30 states, but companies that grow or sell it often are locked out at banks. Their money isn’t wanted because the drug is illegal under federal law and transactions tied to pot proceeds could expose financial institutions to money-laundering charges....

 

 

 

 

 

 

 

http://www.thecannifornian.com/cannabis-business/proposed-us-banking-fix-marijuana-may-not-open-doors/

 


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