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U.S. House to Consider Bill to Ease Cannabis Banking

  • Firms must now use cash, even in states with legal marijuana
  • Bill was attached to the broader Defense Authorization Act
A Hemp Farm As New York Gets Closer To Legalizing Recreational Marijuana
Photographer: Paul Frangipane/Bloomberg
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The U.S. House of Representatives will vote this week on a bill that would let banks do business with cannabis companies without fear of penalty. 

The so-called SAFE Banking Act, which is the least disputed reform sought by the growing industry, got picked up as part of broader legislation, and its inclusion in the National Defense Authorization Act was approved by voice vote late Tuesday. It remains to be seen whether the bill will pass the Senate, but the House action gives it a better shot.