Republicans in Congress, who have stonewalled pro-marijuana legislation for years, are now emerging as the cannabis industry’s most valuable allies. 91 Repubs joined 229 Dems to pass legislation that would finally give marijuana businesses access to banks
Republicans in Congress, who have stonewalled pro-marijuana legislation for years, are now emerging as the cannabis industry’s most valuable allies.The vote came after the cannabis banking bill's lead sponsors had spent months trying to draw GOP support, walking a tightrope to avoid casting the legislation as a weed legalization bill. The hope was that their backing would boost momentum in the Republican-led Senate.
Now, the seal of approval by so many Republicans is giving the bill's backers real hope that the Republican-led Senate will pass the legislation in some fashion. Story continuesMcHenry's predecessor, Jeb Hensarling, a Texas Republican who chaired the committee for six years, was widely seen as a major obstacle to the legislation, which Rep. Ed Perlmutter first introduced in 2013. The bill received its first committee hearing shortly after Democrats took control of the House in January.
But the legalization of marijuana at the state level has also made it an issue for a growing number of vendors and service providers that may not sell marijuana themselves but do business with the increasingly lucrative cannabis industry. “We’re starting to hear from landlords, hardware stores down the street and a whole bunch of other folks,” he said.
One new set of provisions would establish specific banking protections for hemp products, which, like marijuana, are derived from cannabis. Hemp is an increasingly important crop in Senate Majority Leader Mitch McConnell’s home state of Kentucky, and he ensured it was legalized as part of a recent farm bill.
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