Legal cannabis companies just got one step closer to gaining easy access to legitimate banking.
On Thursday, a congressional committee voted to approve legislation that would increase access to banks by marijuana businesses.
As cannabis legalization continues to spread across the United States, the issue of access to banks has been a major topic of concern for marijuana businesses. Currently, many banks are reluctant to open an account with cannabis companies out of a fear that doing so would be a violation of federal money laundering or drug laws.
After several days of debate, the House Committee on Financial Services voted 45 to 15 to advance to legislation in the full congressional body. This means that the bill will continue to the congressional floor, where is will be more seriously considered to become law.
While the floor action has yet to be scheduled, the committee says that it is hopeful that it will come to a vote as part of a number of marijuana reforms expected in the next year.