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The Senate Committee on Banking, Housing and City Affairs is internet hosting a listening to on Tuesday titled “Challenges for Hashish and Banking: Outdoors Views.” Lawmakers, trade representatives and advocates are testifying on the challenges hashish corporations face in states the place medical or leisure marijuana is authorized.

No matter whether or not a state has legalized pot, monetary establishments that work with the hashish trade are nonetheless operating afoul of federal regulation, placing them vulnerable to federal cash laundering or racketing prices. This prevents growers, dispensaries and different hashish corporations from fundamental banking providers like depositing their cash.

To deal with these points, Rep. Ed Perlmutter, D-Col., and Rep. Denny Heck, D-Wash., launched a invoice in March referred to as the Safe and Truthful Banking Act, which might permit banks, credit score unions and different monetary establishments to work with the hashish trade with out violating federal regulation.

The SAFE Banking Act now has 206 co-sponsors within the Home and a companion invoice within the Senate.

The listening to comes simply two weeks after the Home Judiciary Subcommittee on Crime, Terrorism and Homeland Safety weighed reforming pot legal guidelines. It additionally comes simply hours after Home Judiciary Committee Chairman Jerry Nadler and Democratic presidential hopeful Sen. Kamala Harris introduced they might introduce a invoice to decriminalize marijuana on the federal stage.

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