The multibillion-dollar marijuana industry could soon come out of the 'gray market'
The Senate Appropriations Committee voted on Thursday to allow banks to provide financial services to legal recreational and medical marijuana dispensaries, according to The Denver Post.
Marijuana is still listed as a Schedule 1 substance by the federal government, so marijuana businesses in states where recreational use is legal, like Colorado, are forced to operate on an all-cash basis.
The vote on Thursday approved an amendment to the Financial Services and General Government Appropriations Bil, which provides annual funding for some government agencies, including the Treasury Department.
A standalone bill aimed at fixing the marijuana industry's banking issue, with nearly identical language to the amendment, failed to reach any debate last year. It's not clear how the amendment will be received this year.
"We've seen this all before," Jeff Foster, a co-founder of JANE, a payment-processing firm for marijuana retailers, told Business Insider. "I hope that some...
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