Cannabis banking access dominated a Senate hearing Wednesday as lawmakers debated financial services for the marijuana industry.
Sen. Elizabeth Warren highlighted how “lawful cannabis businesses have been unable to open accounts and employees of those businesses have been debanked.” The Massachusetts Democrat called for investigation into those responsible.
Committee Chairman Tim Scott emphasized examining “federally legal” businesses throughout the hearing, yet senators from both parties raised cannabis industry concerns.
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“If somebody wants to work on rules of the road and do that—and bank the industry in a cohesive, sustainable way that doesn’t kind of skirt around the fact that it’s still illegal at the federal level—count me in,” said North Carolina Republican Sen. Thom Tillis.
Technology firm Flowhub collected testimonials from over 115 cannabis-related businesses, including a vineyard that lost bank accounts after its owner invested in state-legal marijuana businesses.
JPMorgan Chase’s CEO indicated the bank “probably would” serve cannabis clients if federal law permitted. Congressional analysts project the reform could add billions in marijuana revenue to the regulated banking system.
The legislation faces opposition from House Speaker Mike Johnson, who has consistently opposed cannabis reform, including banking measures, despite Trump’s endorsement of state-legal cannabis banking reform on the campaign trail.
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