Banks are open for the business of marijuana
Geege Schuman stashed this in Marijuana
Stashed in: Marijuana
Now entrepreneurs looking to kick start a business in marijuana can take it to the bank.
The House of Representatives passed an amendment for a spending bill that would allow financial institutions to provide services to businesses selling marijuana without penalty. The amendment, introduced by Rep. Denny Heck (D-WA) passed with a majority of Democratic votes, 231-192. An additional forty-five Republicans joined the 186 Democrats in support of the measure.
According to the House Appropriations Committee, the bill prohibits funds to be used when it comes to punishing banks for providing loans to businesses selling marijuana. The measure, of course, applies only in states where the drug has been legalized.
This is so backwards.
They won't decriminalize it federally but they WILL allows banks to fund it?!
The political process is so broken.