The U.S. House of Representatives on Monday approved a bill to protect banks that service state-legal marijuana businesses from being penalized by federal regulators.

After receiving an initial voice vote earlier in the afternoon, members passed the legislation by a final recorded vote of 321-101.

The legislation, which was reintroduced by Rep. Ed Perlmutter (D-CO) and a long bipartisan list of cosponsors last month, was taken up under a process known as suspension of the rules, which does not allow for amendments and requires a 2/3rd supermajority to pass.
 

“The fact is that people in states and localities across the country are voting to approve some level of cannabis use, and we need these cannabis businesses and employees to have access to checking accounts, payroll accounts, lines of credit, credit cards and more,” Perlmutter said on the House floor. “This will improve transparency and accountability, and help law enforcement root out illegal transactions to prevent tax evasion, money laundering and other white collar crime. But most importantly, this will reduce the risk of violent crime in our communities.”

Because marijuana businesses are largely precluded from accessing traditional financial institutions and have to operate on a mostly cash-only basis, that makes them targets of crime—a point that advocates, regulators and banking representatives have emphasized.

“Even if you are opposed to the legalization of cannabis, you should support this bill,” Perlmutter added. “American voters have spoken and continue to speak—and the fact is, you can’t put the genie back in the bottle. Prohibition is over.”

Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus, said “it’s time for us to address this inconsistency, it’s time for us to pass, again, the SAFE Banking Act and it’s time for us to move forward with legalization on the federal level.”

“I appreciate us being at this point—a critical first step along the path to full legalization, which I’m confident will happen this Congress, and not a moment too soon,” the congressman said.

U.S. House Approves Marijuana Banking Bill For Fourth Time, Setting Up Senate Consideration | Marijuana Moment