Search
 
News

Senate Marijuana Bill Would Open Up Banking

The proposed bill would remove many regulatory burdens from U.S. pot companies, allowing them to have bank accounts and loans.

By Tiffany Kary and Steven T. Dennis | July 15, 2021 at 04:26 PM
marijuana banking Source: Shutterstock.

A new Senate proposal to legalize marijuana would let cannabis companies use banking services and trade on major stock exchanges, according to a person involved in negotiations on the legislation, a potentially dramatic breakthrough for an industry long stymied by federal restrictions.

The sweeping new legislation, a draft of which Senate Democrats released Wednesday, would also direct some tax revenue from marijuana sales to minority communities, which faced disproportionate arrests for marijuana possession, keep some federal drug testing provisions, and give the U.S. Food and Drug Administration oversight of cannabis regulation.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.