Bill to let banks work with cannabis companies advances in U.S. House
In the News: Shared from Reuters
WASHINGTON (Reuters) – A U.S. congressional panel advanced legislation Thursday that would allow banks to provide services to cannabis companies in states where it is legal.
The bill would provide sought-after clarity to banks across the country that want to do business with the growing industry, where companies have struggled to gain access to the financial system.
The measure, which was broadly backed by a mixture of Democrats and Republicans, now proceeds to the full House, where it is expected to be passed by the Democrat-led chamber in the near future. However, the bill faces an uncertain future in the Republican-led Senate, according to analysts.
While all but 3 states allow for some form of legal cannabis use, marijuana is still illegal…