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1 big thing: Landmark cannabis banking bill scores a winfederal bill that would protect banks that work with cannabis companies appears headed to the Senate floor after passing out of committee yesterday,Since marijuana is legal in some states, but illegal at the federal level, the industry has long struggled to gain access to financial services — instead many business owners are forced to deal with the inconveniences and dangers of transacting in all-cash.
Though its path to passage is anything but assured, the bill's advancement is an incremental win for the cannabis industry and the banks that'd like to handle all the green it generates.There's fairly broad bipartisan agreement that state-sanctioned cannabis companies should have access to the banking system.
"The current all-cash model of legal cannabis businesses makes them targets for theft, tax evasion, and for organized crime," said Sen. Steve Daines , one of the bill's sponsors, at a banking committee hearing yesterday. Senate Banking chair Sherrod Brown emphasized the bill would help the industry's workers, who "face challenges proving their income when trying to rent a home or apply for a mortgage."On the right:industries that might be deemed controversial — particularly gun companies and energy companies.There's concern the bill could reinforce racial and class inequities. That's because the legal cannabis business, which the bill helps, is majority-white owned.
Similar legislation has passed the House seven times before — but never made it out of a Senate committee, notes
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