The Senate Committee on Banking, Housing and Urban Affairs hosted a hearing on banking cannabis. Witnesses testified on the challenges cannabis companies face in states where marijuana is legal. Aside from committee chairman Mike Crapo, R-Idaho, none of the Republican committee members attended.
A much-hyped congressional hearing on easing cannabis banking restrictions served as a reminder Tuesday that reforming pot laws remains an uphill battle in Congress despite growing bipartisan support among lawmakers.
The Senate Committee on Banking, Housing and Urban Affairs hosted a hearing titled “Challenges for Cannabis and Banking: Outside Perspectives.” Lawmakers, industry executives and advocates testified on the challenges cannabis companies face trying to get basic banking services in states where medical or recreational marijuana is legal. They urged lawmakers to change federal laws to give the budding industry access to traditional financial services.
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