US Senate panel chair: Cannabis banking reform prospects looking up

The chair of a key U.S. Senate panel is optimistic about the prospects for a cannabis banking bill following bipartisan approval of legislation in the House.

Such a bill, if it passes the Senate and is signed into law, would open up the banking floodgates for state-lawful marijuana businesses, which now deal mostly in cash.

Senate Banking Chair Michael Crapo, an Idaho Republican, told Politico that Wednesday’s resounding 321-103 vote for the SAFE Banking Act in the U.S. House bodes well for passage in the Senate.

Ninety-one Republicans voted in support of the measure, which would permit financial institutions to serve cannabis-related businesses without fear of federal reprisal.

“This is an issue in which I have seen strong support not only across the country from various banking institutions, even the small community banks in states that don’t have the issue, but also among colleagues on both sides of the aisle,” Crapo told Politico. “I think there will be good support for it.”

Crapo has said that he wants his committee to vote on a bill before year-end.

But, consistent with concerns he raised in a committee hearing earlier this year, Crapo said he wants to add anti-money laundering measures to tighten controls around legacy cash.

Still unclear is whether Sen. Majority Leader Mitch McConnell, a Kentucky Republican, would allow a vote on the Senate floor.

A staff aide indicated in an email Friday to Marijuana Business Daily that McConnell has no comment on cannabis banking reform at this time.

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One comment on “US Senate panel chair: Cannabis banking reform prospects looking up
  1. Glenda on

    Well I am praying that the Senate passes the bill it would open the doors for Indiana Hoosiers too if it becomes federally legalized Hoosiers got screwed in many ways especially after Illinois became fully legalized for medical and recreational Indiana Hoosiers are surrounded by legalized marijuana now you have the Illinois borders you Michigan borders and Ohio and it sounds like Kentucky is getting ready to legalize marijuana in that case Indiana Hoosiers are gonna be crossing over into the borders and getting their pain relief and recreational use and Indiana is gonna be loosing all their revenue to the other 4 states as of now they say 73% of Indiana Hoosiers wants the medical marijuana bill passed so that didn’t happen so that means you can bet 73% of those wanting medical marijuana will cross the border now if you add those that want recreational legalized I would say at least 85% or more will be crossing the border come 2020 so where is that gonna leave Indiana when it comes to revenue to fix the roads give new programs to our schools and give teachers raises or etc it’s not thank you Eric Holcomb for causing Indiana Hoosiers with health problems the chance to get the benefits from cannabis or at least give them the option but you just caused them lots of tax revenue cause I can tell you one thing for sure when Indiana Hoosiers starts crossing over the borders for their pain relief as I will and those crossing over just for the recreational use of cannabis they’re gonna enjoy the deferent restaurants and recreational activities in those states also and I for one along with lots of other Hoosiers will probably be vacationing in a legalized state also. So with all that said Eric Holcomb you better hope it becomes federally legalized before the end of 2019 so in 2020 the revenue for Indiana may just stay in Indiana if not Indiana is gonna see a horrible 2020 cause by the end of 2020 they won’t be much revenue to spread around.

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