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To date, no bank that has dared work with marijuana, but that hasn’t given most of them the peace of mind to engage in this practice consistently like they do with other business sectors.
This is the first hearing to be held by the new Congress that will begin tackling the issue of banking for cannabis companies. Businesses that work in states where cannabis has been legalized continue to struggle with financial institutions.
Next week, House members will examine a piece of legislation, which would allow banks to do business with the cannabis trade without the risk of prosecution for money laundering.
The future of marijuana legalization in the U.S. looks a lot brighter now that Democrats have reclaimed the House of Representatives following the 2018 Midterm Elections held this past November.
It seems likely that Congress will give some attention to pot reform in the coming months, which is a huge step forward from the stagnation the country has experienced on this issue.
Cannabis Industry leaders say legal pot has become a bipartisan issue and that lawmakers are motivated to eliminate federal controls.
Legal weed is one of those issues that needs bipartisan reach before it can ever claim the necessary votes in both chambers of Congress.
In the lead up to the 2018 midterm elections, cannabis advocates are going through a familiar routine: throwing their hands up in frustration as to why more candidates are not embracing cannabis reform.
Depending on who you ask, marijuana has a solid chance of going legal nationwide in the United States in 2019.