Bipartisan members of a key Senate committee sent a letter on Tuesday urging the chamber to adopt language from a House-passed national defense bill that would protect banks that service state-legal marijuana businesses. The House approved its version of the must-pass National Defense Authorization Act (NDAA) in September, with an amendment that would prevent financial institutions from being penalized by federal regulators solely for working with cannabis companies operating in compliance with state law. Now a group of five members on the Senate Armed Services Committee have asked leadership to ensure that the final package that comes out of bicameral conference committee retains that language before the measure is sent to President Joe Biden for his signature. Led by Sen. Jacky Rosen (D-NV), the letter states that “financial institutions are often reluctant to transact with cannabis-related businesses, even in states that have some form of legalized cannabis, due to legal and regulatory risks arising from inconsistent federal and state laws.” “Allowing cannabis businesses operating legally and in compliance with state law to access financial services without federal reprisal would address public safety and compliance challenges, helping communities reduce cash-motivated crimes,” it continues.

Kyle Jaeger, Marijuana Moment, 11/23/2021 15:50:00

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