Earlier this week, the U.S. House of Representatives passed an amendment to the Financial Services appropriations bill, which forbids the use of federal funds to penalize financial institutions that serve marijuana businesses operating legally under state laws. The vote rejected an amendment that would have blocked the implementation of federal guidance.
According to mobile payments company SinglePoint Inc., the vote is going to give banks more confidence toward offering services to legal cannabis businesses, and that the proposed amendment would have blocked the implementation of federal guidance.
National Cannabis Industry Association executive director Aaron Smith said in a statement that the vote was a huge step forward for the legal cannabis industry.
“Access to basic banking services is one of the most critical challenges facing legal cannabis businesses and the state agencies tasked with regulating them,” Smith said.
SinglePoint CEO Greg Lambrecht explained in a company release that after this huge step forward in the payments industry, it is now time for the Senate to take the same move, fully opening banking to “this new and thriving industry.”
Just earlier this year, a retail marijuana company, Spearmint Resources Inc. signed a letter of intent to acquire 50 percent of a payment processing technology firm. If the deal is completed, it would integrate technology that uses a multi-user electronic mobile-wallet application facilitating marijuana commerce.
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