Lawmakers, industry representatives and advocates are testifying to the Senate committee about the challenges that cannabis companies face in states where medical or recreational marijuana is legal.
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The Senate Committee on Banking, Housing and Urban Affairs is hosting a hearing on Tuesday titled "Challenges for Cannabis and Banking: Outside Perspectives." Lawmakers, industry representatives and advocates are testifying on the challenges cannabis companies face in states where medical or recreational marijuana is legal.
Regardless of whether a state has legalized pot, financial institutions that work with the cannabis industry are still running afoul of federal law, putting them at risk of federal money laundering or racketing charges. This prevents growers, dispensaries and other cannabis companies from basic banking services like depositing their money.
To address these issues, Rep. Ed Perlmutter, D-Col., and Rep. Denny Heck, D-Wash., introduced a bill in March called the Secure and Fair Banking Act, which would allow banks, credit unions and other financial institutions to work with the cannabis industry without violating federal law.The hearing comes just two weeks after the House Judiciary Subcommittee on Crime, Terrorism and Homeland Security
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