Several Democratic members of the committee support the ability of marijuana businesses in a growing number of states to access financial services, but objected to the amendment on procedural grounds, with Vermont Senator Patrick Leahy among them. Leahy said he wants to keep spending legislation "free of new controversial policy riders" and that a more appropriate forum would be an authorizing committee that sets banking laws. Still, Leahy has sponsored amendments to prevent the Justice Department from interfering with state medical cannabis laws instead of insisting that those measures go through the authorizing Judiciary Committee.
Legalization advocates were upset by the committee's move.
Ongoing federal marijuana prohibition and related money laundering laws have made many banks reluctant to work with cannabis businesses.
Nonetheless, new Treasury Department data first reported last week shows that a steadily increasing number of financial institutions have been opening accounts for marijuana growers, processors, retailers and related outfits even as Attorney General Jeff Sessions makes anti-cannabis moves and comments.
The House of Representatives passed a cannabis banking amendment in 2014 by a vote of 231 to 192, but the provision was not included in final spending legislation that year. Congressional Republican leadership has since blocked floor votes on cannabis measures.
Several Trump administration officials have indicated they would like to see a resolution to the issue.
See the full article on Forbes.com
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