BIG STORY 12 SEPTEMBER 25, 2019 / 6:26 PM / UPDATED 21 MINUTES AGO

House passes bill that would allow banks to work with cannabis companies

Pete Schroeder
3 MIN READ

WASHINGTON (Reuters) - The U.S. House of Representatives voted Wednesday to advance legislation that would allow banks to provide services to cannabis companies in states where it is legal.

By a vote of 321-103, lawmakers approved the bill, which now heads to the Senate. The bill received nearly unanimous support from Democrats, as well as nearly half of all Republicans.

The measure now heads to the Senate, where it faces an uncertain fate. Senate Banking Chairman Mike Crapo has said he wants to consider similar legislation in the coming months, but it is not clear if the full Senate will vote on such a measure, analysts say.

Some Republicans are wary of giving banks the green light to engage in marijuana business while it is still federally illegal. And some Democrats have said they would rather consider broader legislation around marijuana legalization or criminal justice reform rather than a targeted banking bill.

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