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House Hearing On Banks & Cannabis Businesses

The House Financial Services Committee reportedly expected to hold a hearing next week to examine problems banks face when trying to serve marijuana businesses that are now permitted in a growing number of states. The hearing, the first of its kind at Financial Services, is tentatively set for February 13 and could be a step toward easing federal restrictions that have led to complications for lenders, and resolving legal conflicts that have left lenders uncertain about serving cannabis clients in parts of the country where recreational marijuana use is allowed. Current federal law bans the sale of marijuana.

Committee action could be a precursor to the full House eventually taking up cannabis banking legislation such as the bill introduced by Reps.  Ed Perlmutter  (D-C).) and  Denny Heck  (D-WA.) to  shield banks and credit unions from federal penalties for serving marijuana-related businesses in states where cannabis is legal.

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