Investorideas.com

Call 800 665 0411 to learn about our services

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS



Share on StockTwits

New Appropriations Language Protects Legally Operating Cannabis Businesses and Financial Institutions

 

WASHINGTON, DC - June 5, 2019 (Investorideas.com Newswire) Thanks to the leadership of Congressman David Joyce (R-OH) and Congressman Charlie Crist (D-FL), the latest draft of the House Financial Services and General Government (FSGG) Appropriations bill includes a provision prohibiting funds from being used to punish financial institutions serving cannabis businesses.

"Cannabis companies shouldn’t be punished for employing millions of American workers and contributing billions of dollars to the economy," said Terry Holt, NCR spokesman. "This is an important step toward ensuring access to banking services for the thousands of businesses who are inevitably intertwined with lawful and regulated cannabis businesses."

The language would prohibit the Treasury Department Financial Crimes Enforcement Network (FinCEN), which enforces federal anti-money laundering (AML) rules, from bringing an enforcement action against a financial institution for providing financial services to a state-legal marijuana business. While not binding on the federal bank regulatory agencies (FRB, FDIC, OCC), which are self-funding, it sends a strong signal to them as well.

The full language can be viewed below:

"SEC. 633. None of the funds made available in this Act may be used to penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, a producer, or a person that participates in any business or organized activity that involves handling marijuana, marijuana products, or marijuana proceeds, and engages in such activity pursuant to a law established by a State, political subdivision of a State, or Indian Tribe: Provided, That the term "State" means each of the several States, the District of Columbia, and any territory or possession of the United States."


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Follow Us on StockTwits


Get more Cannabis Stock Investor Ideas - news, articles, podcasts and stock directories for Cannabis stocks and Psychedelic Stocks

Buy a cannabis guest post on Investorideas.com