In a historic vote, 91 Republicans joined 229 Democrats to pass legislation that would finally give marijuana businesses access to banks — a critical tool that the industry needs to grow
The vote came after the cannabis banking bill's lead sponsors had spent months trying to draw GOP support, walking a tightrope to avoid casting the legislation as a weed legalization bill. The hope was that their backing would boost momentum in the Republican-led Senate.
Now, the seal of approval by so many Republicans is giving the bill's backers real hope that the Republican-led Senate will pass the legislation in some fashion. Rep. Patrick McHenry , the top Republican on the House Financial Services Committee, said he didn’t try to dissuade GOP lawmakers from supporting the bill. McHenry voted against the legislation.
The rapid moves by states to permit the sale of cannabis has created public safety concerns because, without access to bank accounts, marijuana businesses have been forced to transact in cash, making them a target for criminals. It has also made it hard for regulators and state officials to track revenue from the industry.
Stivers said he decided to get involved early this year after a nutrient seller in his district informed him they were at risk of losing their bank accounts because they sold to cannabis-related businesses. They settled on two additions, which helped bring on more GOP lawmakers and may win over senior Senate Republicans.
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