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HOUSE PASSES CANNABIS BANKING LEGISLATION


The U.S. House of Representatives passed legislation that would allow banks to provide services to cannabis companies in states where it is legal. It also clarifies that revenue from legal cannabis business, such as those that operate here in Arizona, would be considered legal. This would remove one of the most significant barriers in the cannabis industry, and one of the reasons for a lack of a national market. Most banks have been unwilling to do business with cannabis companies because of federal laws. The most common solution has been to deal exclusively in cash. Lawmakers voted 321-101 to approve the bill and send it to the Senate. The legislation would have to be approved unchanged by the Senate in order to make it to President Biden for signature. Many critics of President Biden, including from democratic senators, say that cannabis legalization is not a priority of the current administration. With the current climate, it’s hard to tell if cannabis legislation will make it through. Most lawmakers don’t see it as important at the moment. The American people seem to have a different opinion over cannabis as thirty-six states have legalized medical cannabis while 17 states now allow adult use. At some point, the states will have made the federal government’s input on the subject a mute matter. The federal government would be seen as grossly overstepping its jurisdiction if it returned to Obama-esque cannabis enforcement, making it more and more a decision of the states. President Biden may not be focused on cannabis legalization at the moment, but he is also not focused on cannabis raids or prohibition.




Joseph Cassini is a writer and designer for The Cannabis Cactus Magazine. He enjoys cooking, history, and smoking cannabis outside of the city.

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