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House passes bill giving pot industry access to banking

JacksinPA

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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.
 
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.
=================================================
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.

Should start their own...One Cannabis Community Bank
 
Another baby step towards federal sanity.
 
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.
=================================================
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.

Should start their own...One Cannabis Community Bank

umm....


I do hope you didn't think that one through.
 
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.
=================================================
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.

I approve of this legislation and sincerely hope the Senate and the President make it a reality.

But this is just part of the marijuana issue. Congress and the President really do need to follow the lead taken by Colorado and other States and remove marijuana from all federal laws, except those that pertain to consumer and worker health and safety issues.
 
Another step in the right direction.
 
Should start their own...One Cannabis Community Bank

umm....


I do hope you didn't think that one through.

Anyway, for the record. WCH's "solution" is crap. There are very few community banks doing it because there is still a risk the federal government might decide to come after them (for example liability under money laundering laws), and beyond there's not really any safe collateral when the feds could also come after anything the pot business owns. Moreover, federal bankruptcy is out of the question for pot businesses.

And remember: Trump will do anything for a distraction or to troll the libs. He could easily decide that a pot crackdown would do the trick.


More Banks and Credit Unions Are Working with Cannabis Businesses | Canna Law Blog™

Mass. banks, credit unions expand services for marijuana companies - The Boston Globe
 
Should start their own...One Cannabis Community Bank

I don't know that I wish to bank from TCH afflicted bankers. Somehow, I feel they may make unsound decisions.
 
I don't know that I wish to bank from TCH afflicted bankers. Somehow, I feel they may make unsound decisions.

Oh, it would just be for the industry and it's patrons. ;)
 
I don't know that I wish to bank from TCH afflicted bankers. Somehow, I feel they may make unsound decisions.

God knows, they may **** up society the same way all those drunk bankers do! :roll:
 
*snicker* Prohibition was appealed almost 100 yrs ago...is that the best ya got? Oh...and what was this guy's 'influence on society?' :roll:

Huh? Not sure what you are arguing about. Just a strange story.
 
Huh? Not sure what you are arguing about. Just a strange story.

Ah..."strange stories" are always excellent for making a point in a discussion. :roll:
 
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