Congress Rejects Bill That Would've Allowed Banks to Work With Cannabis Businesses

The difficulties for marijuana businesses to work with banks has been well-documented over the past several years, and it finally seemed like Congress would open the doors to make things work. But apparently they decided to continue making life difficult for cannabis companies.

The House Appropriations Committee rejected a measure that would've protected banks that open accounts with marijuana businesses. The bill would've prevented the Treasury Department from penalizing banks or financial institutions from working with cannabis companies if they were operating legally within their state.

Supporters of the bill framed it as a public safety and financial transparency issue. Many cannabis companies cannot work with banks, and therefore operate as cash-only businesses. This often makes them the target of robberies. 

A similar measure was actually based by the House in 2014, but the amendment didn't make it into the final funding bill for the Treasury and therefore did not become law. Since then, Republicans have been resistant to nearly all marijuana-related proposals. 

The unfortunate thing is many believed this banking proposal would pass. Several members from both parties indicated their support, but some supporters did not attend the vote and others said they weren't 100 percent sure about the actual proposal, which led to its defeat.

Can you name another legal business that's denied access to banks in America?

(h/t Forbes)


Before Nikki Furrer was a cannabis writer and professional, she had another dream job: owning an independent bookstore. While she says her business venture as a bookseller was ultimately untenable, it did open her eyes to how much she enjoys “matching the reader to the exact book they’re craving.” This zest for matchmaking is evident in her book 'A Woman’s Guide to Cannabis.' As the title suggests, 'A Woman’s Guide to Cannabis' is for women who are curious about cannabis. A more appropriate title, however, might have been a 'A Beginner’s Guide to Cannabis.' Though Furrer touches on applications for the plant that are specific to women—relief of menstrual pain or beauty (though her belief that cannabis is a beauty product because it makes you appear more well-rested seems relevant to both men and women—much of the information in the book is relevant to anyone who is totally inexperienced with cannabis, apprehensive about trying it and needs a run down of the basics.

Can we see some ID please?

You must be 19 years of age or older to enter.