Pot Banking May Endure Senate Stimulus Scrutiny: Cannabis Weekly
- Broader legislation could give cover for Republicans
- ‘In the best position to become law since its introduction’
An employee arranges a display of cannabis at a dispensary in Oakland, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Although President Donald Trump said the latest coronavirus relief package passed by the House would be “DOA” in the Senate, there’s a real possibility its marijuana banking provisions will survive, according to a prominent Washington cannabis lawyer.
The Heroes Act, as it’s known, includes legislation that would allow banks to service state-legal cannabis companies. The measures have been endorsed by a bipartisan group of 34 attorneys-general, who said the pandemic has only exacerbated health and safety concerns around the handling of cash. Currently, many dispensaries operate on a cash-only basis because they can’t access routine banking services.