HLG cannbis law report

The New Congress Talks Cannabis

The new House of Representatives has announced its first cannabis-related hearing, “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses,” which will take place on February 13 before a sub-committee of the House Financial Services Committee.

The hearing will address, as the name suggests, the practical issues that cannabis businesses face in accessing banking services in states with lawful and regulated cannabis industries because of the backdrop of federal marijuana prohibition, given that the prior Congress consistently blocked votes on cannabis-related measures. Thus far, despite guidance from the Financial Crimes Enforcement Network, financial services providers have been hesitant to provide banking services in the cannabis industry for fear of implicating themselves in federal money laundering or other anti-drug laws.

Read the full article on cannabislaw.report