Earlier this Week, the House Financial Services Committee voted 45 to 15 to move forward with Legislation aimed at helping cannabis companies, create responsible banking practices.
Floor action has not yet been scheduled, but cannabis reform proponents are hopeful that the committee approval of the banking bill is a sign Democrats are ready to move broad marijuana reforms this year.
“We will guide it to the House floor for a vote, which I think it will pass with an overwhelming vote—Democrats and I think a lot of Republicans as well,” he said. “If we have a strong bipartisan vote that will increase the pressure on the Senate to do something.”
The banking bill “addresses an urgent public safety concern for legitimate businesses that currently have no recourse but to operate with just cash,” Chairwoman Maxine Waters (D-CA) said at the start of the committee’s proceedings, which began on Tuesday, and carried over through a second Wednesday meeting to Thursday morning.
Under the “hopeful,” bill, federal banking regulators would not be able to punish financial institutions just because they work with marijuana businesses that are legal under state or local laws, or those of an Indian tribe.
For years, it seems, many of us in this industry have pushed for these sort of transparent banking practices, and more importantly, safe ones.
You see – The problem is, that many of us in the industry are left to rely on all cash business practices that are not only inefficient, they are also very risky. Putting not only are employees at risk, but also the public at large.
“The thing I need the least right now is to have to go through any sort of money disappearing,” Kiloh said.
Which makes weedmaps a bulls eye, to a would-be robber. Thankfully nobody was hurt during a recent string of robberies at Marijuana Dispensaries, in Los Angeles over the weekend – then again – the situation could have been a lot worse, unless reform is made, and the peoples voices are heard.