The U.S. House of Representatives passed a bill Wednesday that would grant legal marijuana businesses access to banking, a measure that would clear up a longstanding headache for the industry.
The bill, called the SAFE Banking Act, passed 321-103 on the strength of near-unanimous support from Democrats and nearly half of Republicans. Its prospects in the Senate are uncertain, but supporters said the amount of Republican support in the House was a good sign.
Thirty-three states have legalized cannabis for medical or recreational use. But the federal prohibition on the drug has made it difficult for businesses to get bank accounts and loans.
The bill would allow businesses legitimately operating under state laws to access loans and lines of credit while sheltering financial institutions from prosecution for handling marijuana-linked money.
Many pot businesses have had to conduct sales and pay vendors or taxes in cash, making them potential robbery targets — and making it harder to detect theft, tax evasion and money laundering.