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BREAKING: Senate Has Passed A Bill That Gets Marijuana Industry One Step Closer To Banking Access

This afternoon, a Senate panel voted 16-14 to make it easier for businesses that produce and sell marijuana to do business with banks and other financial services providers.

The Senate Appropriations Committee approved an amendment that would loosen laws that make it illegal for banks to handle money from marijuana businesses. Over the years, the laws have led to numerous situations where many businesses have had to use cash to do business, causing security problems and other issues.

The legislation was added to a Treasury funding measure by Oregon Democrat Jeff Merkley. Oregon is one of four states where recreational marijuana is legal. It actually passed the House last year but was removed.

Three Republicans on the Senate panel — Lisa Murkowski of Alaska, Bill Cassidy of Louisiana, and Steve Daines of Montana — voted for the amendment. Dianne Feinstein of California was the only panel Democrat to oppose it.

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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