House passes bill that would allow banks to work with cannabis companies

The U.S. House of Representatives voted Wednesday to advance legislation that wo...

WASHINGTON - The U.S. House of Representatives voted Wednesday to advance legislation that would allow banks to provide services to cannabis companies in states where it is legal.

The measure now heads to the Senate, where it faces an uncertain fate. Senate Banking Chairman Mike Crapo has said he wants to consider similar legislation in the coming months, but it is not clear if the full Senate will vote on such a measure, analysts say. Banks have thrown their weight behind the legislation, telling lawmakers they need clarity on whether they can do business with cannabis companies where it is legal at the state level despite the fact that marijuana remains illegal in the eyes of the federal government.

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