The Senate Appropriations Committee voted on Thursday to allow banks to provide financial services to legal recreational and medical marijuana dispensaries, according to The Denver Post.
“We’ve seen this all before,” Jeff Foster, a co-founder of JANE, an express ordering kiosk for cannabis retailers, told Business Insider. “I hope that some progress is being made. But certainly what happened yesterday [the Senate’s vote] was by no means a watershed moment.”
“This isn’t the first time the federal government has tried to give banks the green light to work with marijuana businesses.”
While this seems on the surface like a step in the right direction towards banks working with marijuana businesses, it certainly doesn’t remove the money laundering roadblocks. Banks will still be reluctant to work with businesses dealing in a schedule 1 substance like marijuana.