Douglas Rissing The language that would permit cannabis businesses to work with the U.S. financial system made it into an appropriations bill during a Senate Finance subcommittee markup on Wednesday.
However, a Republican congressman on the committee indicated he'd move to strip the provision in the full committee or on the House floor by filing an amendment. Sec. 134 of the FY 2025 Financial Services and General Government appropriations bill states that "None of the funds made available by this Act may be used to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, a producer, or a person that participates in any business or organized activity that involves handling.
.. marijuana, marijuana products, or marijuana proceeds, and engages in such activity pursuant to a law established by a State.
" During subcommittee discussion on the markup, Rep. Chuck Edwards (R-N.C.
) spoke out against the marijuana banking provision, Marijuana Moment reported. "Our country has never allowed a federally illegal activity to be banked," he said. "And it's important to note that, despite some states trying to legalize it, marijuana is still a Schedule I drug.
" Rep. Dave Joyce (R-Ohio), chairman of the Financial Services and General Government Subcommittee, is the lead sponsor of the SAFE Banking Act of 2023. Multi-state operators: Ascend Wellness ( OTCQX:AAWH ), Curaleaf Holdings ( OTCPK:CURLF ), Cresco Labs ( OTCQX:CRLBF.
