House GOP Divided Over Cannabis, Strikes Banking Protections From Bill: ‘Respect The Will Of These States’
House Republicans have removed a provision from an essential government funding bill that would have protected banks serving legal cannabis businesses from federal penalties.
This decision marks a setback for the legal marijuana industry, highlighting ongoing tensions within Congress over cannabis regulation.
Controversial Provision Removed
The provision, part of the GOP’s annual financial services and general government bill, aimed to prevent the use of funds to penalize financial institutions solely for providing services to legal hemp and marijuana businesses. As reported by The Hill, this decision follows significant resistance within the Republican Party.
Rep. David Joyce, a Republican from Ohio, upcoming speaker at the Benzinga Cannabis Capital Conference, and chair of the subcommittee responsible for drafting the bill, noted the internal opposition.
“With over 40 states enacting some degree of …