House Rejects Effort to Block The Guidance for Banking Regulation
Wednesday, July 16, 2014. This date marks what has been the largest win in an effort to legalize Cannabis nationwide. The House voted, 236–186, rejecting a move by Representative John Fleming (R-La.), which proposed to block the government from continuing to provide guidance to banks dealing with marijuana establishments. The federal guidelines under the Guidance were issued in February in order to work with banks and ‘guide’ them in how to avoid potential money laundering scandals among other concerns.
For more information on The Guidance, please view our PDF we’ve prepared to share our viewpoint on what you as a retailer, might expect a bank’s position to be. While this is a big step in the right direction, it does not appear to be any easier to obtain a bank account. As this issue continues to progress we are hopeful it will pass through the senate. We believe banking will become much more available at some point in time. Watch for updates.
We want banks to do business with you, and it’s important to know what the government is advising the banks to do. We will try to keep you up to date on what is happening with the banking guidance.
For more information on the House vote, see the Huffington Post’s coverage on July 16, 2104.
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