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Cannabis-related bank reform legislation falls short in Senate

December 27, 2018

A new attempt to give cannabis firms access to legal banking services has failed in the U.S. Senate, according to a new report.

Sen. Cory Gardner last week reintroduced the States Act, which called for an easing of laws in the cannabis business, in a bid to make sure financial institutions could offer banking services to these firms without being liable for drug trafficking. The act, which was reintroduced as an amendment to the First Step Act, a criminal justice reform bill, failed in the Senate.

If passed, the legislation would free legal cannabis states to directly address creating legal financial services for cannabis industry companies.