ABA calls for marijuana banking access CHICAGO — The American Bar Association has adopted a resolution urging the passage of federal legislation facilitating banks and other financial institutions to legally interact with licensed cannabis businesses.
The resolution calls for the “enactment of [federal] laws to ensure that it shall not constitute a federal crime for banks and financial institutions to provide cannabis-related services.” Under existing law, banks are discouraged from engaging with state-licensed marijuana businesses.
In September, members of the U.S. House of Representatives voted 321 to 103 in favor of HR 1595: The SAFE Banking Act, amending federal law so that financial institutions may work directly with state-legal
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