GOP-Controlled House Strips Cannabis Banking Protections From Government Spending Bill In Blow To Legal Marijuana Industry
U.S. House Republicans have decided to scrap a provision aimed at protecting banks from federal crackdowns on cannabis-related businesses from a significant government funding bill.
This move came after notable resistance from within its own party, reported The Hill Thursday afternoon.
The contentious provision would have prevented the use of funds to penalize financial institutions solely because they provide services to legal hemp and marijuana businesses.
Rep. David Joyce (R-Ohio), who chairs the subcommittee responsible for drafting this funding bill, explained that some of his colleagues expressed concerns about the provision, which was part of the GOP’s annual financial services and general government bill.
“With over 40 states enacting some degree of cannabis reform, it is past time that the federal government respect …