House Votes To Allow Marijuana-Related Banking

DISTRICT OF COLUMBIA:  The House voted Wednesday in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana.

The 236-186 vote rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report on their dealings with marijuana-related businesses without running afoul of federal money-laundering laws.

Marijuana dealing is still against federal law so banks who do business with marijuana dispensaries could be accused of helping them launder their money. Federal money laundering convictions can mean decades in prison.

The Treasury guidance was intended to give banks confidence that they can deal with marijuana businesses in states where they’re legal. Many banks are still reluctant to do so.

 

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