Missing Elements From New Cannabis Banking Bill

Law360 (April 30, 2019, 3:52 PM EDT) -- Legalization of certain cannabis-related activities by over 30 states has led to a surge in companies that grow and produce cannabis and related products, but banks and other financial services companies have been hesitant to serve this growing population of potential customers due to conflicting statutes and enforcement policies under federal law.

On Thursday, March 28, 2019, the Financial Services Committee in the U.S. House of Representatives took a step toward clearing some ambiguity at least for federally insured financial institutions. The Secure and Fair Enforcement Banking Act of 2019, which was approved on a vote of 45-15, with 11 of...

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