Loosening the purse strings for the U.S. cannabis industry just got closer to becoming reality on Thursday.
A “key U.S. House panel” approved a proposed spending bill with a vote of 30 – 21. This legislation still needs to clear both the full House and Senate.
If (when?) approved, the bill only covers fiscal 2020. During this period, however, financial institutions would be protected from any punishment by federal regulators for providing financial services to lawful marijuana businesses.
Of note, this spending bill would not immunize banks from possible enforcement actions by the Department of Justice. This is also separate legislation from the Secure and Fair Enforcement (SAFE) Banking Act.
SAFE represents a secure and lasting solution to the issue of cannabis finance in the United States.