US Senate Committee Votes In Favor of Marijuana Banking Bill

WASHINGTON, DC — Members of the Senate Appropriations Committee voted 16-14 Thursday in favor of an amendment to allow state-compliant marijuana businesses to engage in relationships with financial institutions.

Sponsored by Sens. Jeff Merkley (D) of Oregon and Patty Murray (D) of Washington, the amendment to the Financial Services and General Government Appropriations bill prohibits the US Treasury Department from using federal funds to take punitive actions against banks that provide financial services to marijuana-related businesses that are operating legally under state laws.

Presently, most major financial institutions refuse to provide services to state-compliant operators in the marijuana industry out of fear of federal repercussions. Their refusal to do so presents an…