Senate Banking Chairman Mike Crapo says he desires to hold a vote on legislation that would allow banks to serve cannabis-associated firms, in what would be a important victory for the marijuana market and for lenders eager to enter the space.
In an interview with POLITICO, Crapo mentioned he did not help lifting the federal ban on marijuana. But the Idaho Republican mentioned he wanted to resolve legal and financial conflicts arising in the developing quantity of states that have permitted sales of the drug.
“We’re operating to attempt to get a bill prepared,” he mentioned. “I’m seeking to see no matter whether we can thread the needle.” He didn’t give the timing for when the legislation would be completed but mentioned he hoped to have the vote ahead of the finish of the year.
Crapo, who represents a state that has not legalized marijuana, had not previously announced that he was preparing to hold a vote in his committee. It was the newest proof that Congress is poised to give banks a legal secure harbor to serve the cannabis market in the coming months.
The Residence later this year is anticipated to pass legislation that would shield banks from federal penalties if they perform with cannabis firms. [Read More @ Politico]