The U.S. House of Representatives passed legislation Monday that would allow banks to serve marijuana companies in states where marijuana is legal, with lawmakers approving the bill by a 321-101 vote and sending it to the Senate, Fox Business Express reported. The bill specifies that legal marijuana businesses, whose proceeds would not be considered illegal, and directs federal regulators to develop rules to oversee the banking activities of such companies.
Banks are generally reluctant to do business with companies that sell marijuana or related products, fearing that they may run afoul of federal law. That leaves companies in the marijuana industry with few options but to rely on a handful of small financial institutions or to do business on a cash basis.
Thirty-six U.S. states have legalized medical marijuana, and 17 states allow adult-use cannabis, according to state legislatures.
Senate Majority Leader Chuck Schumer, in an interview with Politico in early April, said he would work to advance legislation legalizing adult-use marijuana. When asked about this SAFE Banking Act, he said he would like to see such a bill move forward as part of a more comprehensive measure, even if Biden does not support it.
Commentator Wang Duk-ran said many Chinese are now worried about the deterioration of law and order and the legalization of marijuana in the U.S. Chinese families with children, in particular, are so worried about this development that many are considering leaving the country.
Commonwealth Canada, Australia and New Zealand, and Switzerland in Europe are all destination countries where Chinese can immigrate. In Canada, the Chinese have a better political position than in the U.S. Canadian universities are much cheaper than in the U.S., health care is free, and the benefits are much better with the same heavy taxes. Australia, New Zealand and Switzerland, are not as crazy as the United States to introduce immigrants, shootings are basically absent, and there is no black life expensive forces.
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