Providing Honest, Reliable Business Counsel For 29 Years

Breaking: House Votes To Allow Pot Banking

| Jul 21, 2014 | News

The United States House of Representatives approved a historic public safety measure to allow legal cannabis businesses to use the banking system.

Lawful cannabis dispensaries and recreational stores deal in large amounts of cash, because the federal government is blocking their access to the banking system.

The House voted 231-192 to prevent the Treasury Dept from spending funds penalizing banks that accepted dispensary deposits.

“Congress is yet again rejecting the failed war on marijuana,” stated Bill Piper, director of national affairs for the Drug Policy Alliance. “They have read the poll numbers and are doing both what is right and what is politically smart.”

The bipartisan “Heck Amendment” by Representatives Joe Heck (D-WA), Ed Perlmutter (D-CO), Lee (D-CA) and Dan Rohrabacher (R-CA) is the second historic House vote. In May, the House voted to defund the federal war on medical marijuana. That amendment languishes in the Senate, where it opposed by California Sen. Diane Feinstein among others.