The Daily Parker

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A pot of pot money

After years of legal marijuana sales at the state level, the House of Representatives has finally proposed a solution to the problem of what to do with the money:

The U.S. House of Representatives will vote this week on a bill that would let banks do business with cannabis companies without fear of penalty. 

The so-called SAFE Banking Act, which is the least disputed reform sought by the growing industry, got picked up as part of broader legislation, and its inclusion in the National Defense Authorization Act was approved by voice vote late Tuesday. It remains to be seen whether the bill will pass the Senate, but the House action gives it a better shot.

The act would be a boon for marijuana companies, which have so far been stymied by the need to deal in cash because of federal restrictions. That has meant they have extra security costs and logistical problems, even as marijuana increasingly becomes legal. Some three dozen states now allow medical or recreational use, according to New Frontier Data, a cannabis research firm. 

For the first time, it looks like the rule change will pass. This means, among other things, consumers will finally be able to pay for their pot with credit cards.

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