HRVSF - U.S. marijuana legalization: House approves cannabis banking bill

Access to the U.S. banking system will be less burdensome now for companies dealing into marijuana after the House passed cannabis banking bill on Monday evening, source MarketWatch.Lawmakers voted 321-101 to approve the bill and send it to the Senate.A bill sponsored by Rep. Ed Perlmutter, a Colorado Democrat, would prohibit banking-system regulators from penalizing banks or credit unions that deal into “cannabis-related legitimate business,” their servicer providers or state or local governments with jurisdiction over the businesses.“After years of bringing up this issue, I’m thrilled to see overwhelming support for this bipartisan, commonsense legislation in the U.S. House once again...," Perlmutter said in a statement.The bill clarifies that proceeds from legitimate cannabis businesses would not be considered illegal and subject to anti-money-laundering laws.It would also prohibit regulators from asking banks to terminate a customer account unless there was a valid reason aside from reputation risk.The American Bankers Association has

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U.S. marijuana legalization: House approves cannabis banking bill