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US House passes bill giving pot businesses access to banking
The U.S. House of Representatives passed a bill Wednesday that would grant legal marijuana businesses access to banking, a measure that would clear up a longstanding headache for the industry.
The bill, called the SAFE Banking Act, passed 321-103 on the strength of near-unanimous support from Democrats and nearly half of Republicans. Its prospects in the Senate are uncertain, but supporters said the amount of Republican support in the House was a good sign.
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Because pot is still illegal on a Federal level, access for the pot industry to banking & credit card channels has been restricted. This has caused a major problem due to the problems connected with safely handling huge amounts of cash. This new legislation, if passed, will be a boon to the industry.
The U.S. House of Representatives passed a bill Wednesday that would grant legal marijuana businesses access to banking, a measure that would clear up a longstanding headache for the industry.
The bill, called the SAFE Banking Act, passed 321-103 on the strength of near-unanimous support from Democrats and nearly half of Republicans. Its prospects in the Senate are uncertain, but supporters said the amount of Republican support in the House was a good sign.
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Because pot is still illegal on a Federal level, access for the pot industry to banking & credit card channels has been restricted. This has caused a major problem due to the problems connected with safely handling huge amounts of cash. This new legislation, if passed, will be a boon to the industry.