"In New York we recognize the significant economic development opportunities the booming medical marijuana and industrial hemp industries offer our farmers and businesses.
"We have made significant progress in creating a supportive regulatory landscape and breaking down barriers for this industry, including supporting banking services for medical marijuana-related businesses by New York State-chartered banks and credit unions. Today the House of Representatives voted to create similar protections for these businesses on the federal level.
"This is an important step in building an accessible, inclusive and socially diverse industry that recognizes the past harms of marijuana prohibition and the disproportionate impact laws governing marijuana have had on communities of color. I commend all the members of the New York Congressional delegation who supported this bill for honoring the laws of the states that are working to safely and fairly legalize and regulate cannabis. It is now time for the Senate to recognize the importance of this emerging sector of our economy and pass the bill immediately."