Chambers of representatives in the first reading missed a bill allowing banks to serve sellers of marijuana. It’s not just the first of its kind voting, it is also the first approved the reform of the trade marijuana, supported by both parties.
The new law will protect financial institutions and support firms that serve the legal dealers of marijuana from prosecution or other consequences. This rule will provide stability and security in the cannabis industry with multi-billion revenues.
Eleven States and the district of Columbia have legalized recreational use of marijuana, and in most States there are also programs legal medical marijuana. But the drug remains illegal at the Federal level that makes banks and credit unions refuse to serve such companies because of the threat of criminal prosecution and consequences of regulation. The new law will relieve banks of liability and will bring the entire industry out of the shadows.
The bill is supported by many national banking groups, including the American bankers Association, the National Association of credit unions and the Independent bankers of America. 30 attorneys General and governors for 20 States also support this decision.