Senate Committee Approves Measure to Ensure Marijuana Businesses Have Access to Banking Services

Amendment to appropriations bill would prohibit the Treasury Department from using funds to punish banks that provide financial services to state-legal marijuana businesses

WASHINGTON, DC — The Senate Appropriations Committee approved a measure Thursday (16-14) that is intended to ensure marijuana businesses have access to banking services.

The amendment, offered by Sen. Jeff Merkley (D-OR) to the Financial Services and General Government Appropriations bill, would prohibit the Treasury Department and its enforcement arm, the Financial Crimes Enforcement Network or FinCEN, from using federal funds to punish banks that provide financial services to marijuana businesses that are operating legally under state laws.

Many banks are currently unwilling to provide depository and other basic…