Congress could lift barrier between banks and marijuana

The House of Representatives could eliminate a major point of legal friction between states and the federal government in order to make it easier for banks to serve pot businesses.

While states are moving to legalize marijuana use, either for medicinal purposes or for recreation, federal law prohibits banks or credit unions from directly doing business with such companies. Because cannabis remains an illegal scheduled substance, laws against money laundering block banks, insurance companies, credit unions, and other financial services firms from working with dispensaries or other marijuana-related businesses operating legally at the state level.