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South Dakota banking law advances

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A proposed law in South Dakota would give cannabis businesses a clear path to banking services. The measure, HB 1203, which recently passed the state’s House of Representatives, would authorize banks and their subsidiaries to provide services for licensed hemp operators, and to marijuana businesses if high-THC cannabis is made legal in the state. Without banking services, South Dakota cannabis enterprises who can’t convince banks to serve them are forced to do business in cash. The measure passed by a vote of 64-4-2.

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