Senate advances cannabis banking reform bill

A Senate committee on Wednesday approved legislation that would prohibit federal regulators from penalizing a bank for providing financial services to a legitimate cannabis business.

The measure, passed by the Senate Banking Committee, would impose changes to banking regulations that have been long sought by the pot industry and would let consumers more easily buy weed with credit and debit cards, eliminating the danger associated with all-cash cannabis establishments. 

The measure passed the committee 14-9 following revisions made to the bill aimed at attracting more bipartisan support.