Marijuana banking bill gains momentum with one third of Senate now signed on
The most cannabis-friendly Congress in history is back from its August recess, and lawmakers are already making key moves to advance marijuana reform legislation. The immediate focus is on a proposal to let banks serve cannabis companies without fear of being punished by federal regulators—with House leaders announcing that a floor vote is expected by the end of the month.
On Monday, the Senate version of the marijuana financial services bill got its 33rd cosponsor—Sen. Tina Smith (D-MN)—meaning that virtually a third of the chamber is now formally signed onto the legislation, counting its main sponsor Sen. Jeff Merkley (D-OR).
Not to be outdone by movement in the House, where the cannabis banking legislation was approved in committee back in March, Senate Banking Committee Chairman announced last week that he plans a vote on the issue in his panel by the end of the year.
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