Cannabis banking provisions clear House for seventh time – JP
The House on Thursday passed for the seventh time provisions that would allow cannabis businesses to use banking services, although the amendment to the fiscal 2023 defense authorization bill faces an uphill battle to become law.
Past efforts to pass cannabis banking provisions, both as stand-alone legislation and as amendments attached to must-pass bills, have languished in the Senate, where a group of Democrats want to wrap banking provisions into a bigger package legalizing marijuana on the federal level.
Still, Rep. Ed Perlmutter, D-Colo., the amendment sponsor, cheered its passage and pushed for inclusion in the final law. He’s slated to retire at the end of this term.
“I’m calling on the Senate to take action for the safety of our communities and success of Veteran- and minority-owned businesses across the country,” he said on Twitter. “It’s time to get this done.”
The House voted 277-150 to adopt the amendment that would allow banks to provide services to cannabis businesses, which are currently barred under federal law. The chamber voted 329-101 to pass the defense bill.