The federal government would save money if a bipartisan bill to give marijuana businesses access to banks is approved, according to a report released by the Congressional Budget Office (CBO) on Friday. The legislation, which cleared the House Financial Services Committee in a bipartisan vote of 45 to 15 in March, would change federal law to protect financial institutions that service the cannabis ... Read more »

American marijuana producers, bankers, and real-estate firms came to Washington this week to lobby Congress in favor of Rep. Ed Perlmutter’s marijuana banking bill. The Colorado Democrat has labored for six years to let financial institutions handle money from cannabis businesses in the states that have legalized marijuana. After the House Financial Services Committee backed his SAFE Banking Act i... Read more »

A push for legislation that would allow banks to do business with cannabis companies without the risk of federal enforcement action is gaining momentum. Colorado Congressman Ed Perlmutter joins Yahoo Finance's Julie Hyman, Adam Shapiro and Dan Roberts as well as Bullseye Brief's Adam Shapiro. Watch the video here. Read more »

The head of the Treasury Department said on Wednesday that he was relieved when a congressman asked him a question about marijuana after being grilled all day about President Donald Trump’s tax returns. Rep. Ed Perlmutter (D-CO) did begin his questioning by addressing the tax return issue, asking whether Trump directed Treasury Secretary Steven Mnuchin to withhold his tax information. But recogniz... Read more »

A key House sponsor of cannabis banking legislation expressed hope that the chamber is close to voting on the bill, but questions still remain about its chances in the Senate. The Secure and Fair Enforcement Banking Act was approved in March by the House Financial Services Committee. The bill would bar federal regulators from penalizing depository institutions for servicing marijuana businesses in... Read more »

U.S. state bankers associations jointly sent a letter to leaders of a key Senate panel saying they support cannabis banking reform and urging the committee to hold a hearing on the merits of such legislation. “We believe federal action is necessary and support a solution that would allow banks to serve cannabis-related businesses in states where the activity is legal,” the letter stated. It was si... Read more »

The push for legislation that would allow banks to do business with cannabis companies without the risk of federal enforcement action is gaining momentum, and credit unions are playing a key role. The National Association of State Treasurers adopted a resolution on Friday that calls for “common-sense federal laws and regulations” for companies in states that have legalized cannabis for medical or ... Read more »

The attorneys general of 38 states and territories sent a letter to congressional leaders on Wednesday, urging them: Please, let us bank the money generated by the country's booming cannabis business. Most states and several U.S. territories have legalized medical marijuana, and 10 states and the District of Columbia have legalized adult recreational use. But federal law still considers marijuana ... Read more »

Washington, D.C. – Today, 38 state and territory attorneys general sent a letter to congressional leaders urging passage of H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act which would allow marijuana-related businesses in states with existing regulatory structures to access the banking system. The overwhelming and bipartisan support on this issue means it brings with it the formal su... Read more »

Attorneys general from 33 states on Wednesday urged Congress to approve a proposal intended to fully open the doors of the U.S. banking system to the legal marijuana industry. Most Americans live in states where marijuana is legally available in some form. But most banks don't want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal ... Read more »