banking and marijuana

Lawmakers Vote Down Marijuana Banking Measures

While a bipartisan bill that would pave the way for financial institutions to bank marijuana picks up steam, panels in the U.S. House and Senate are defeating measures and amendments that are essentially attempting to do the same thing.

FIs Still in Limbo

In January, when U.S. Attorney General Jeff Sessions rescinded the Cole Memo, Obama-era guidance that said the federal government would not interfere with states that legalized marijuana, many feared most financial institutions currently banking or considering banking marijuana businesses would get cold feet.

Banking ‘Dirty’ Money

The head of the Massachusetts Cannabis Control Commission last week called for the establishment of a state-run financial institution to bank marijuana deposits – an eminently sensible and practical suggestion.