A U.S. House panel has approved a spending bill that includes a provision that would protect banks serving lawful marijuana businesses from punishment by federal financial regulators.
The House Appropriations Committee approved the fiscal year 2020 Financial Services and General Government bill, which included the MJ banking measure. It passed with a vote of 30 to 21.
The marijuana banking provision could be in effect only for the next fiscal year if it remains intact. The promising aspect is that it would also apply to banks that serve state-legal medical and recreational marijuana businesses.
The Financial Services spending bill still needs to clear the full House and Senate.
