PayPal Joins Pot Banking’s Lobbying Ranks in First Quarter (1)

April 22, 2019, 9:30 AMUpdated: April 22, 2019, 6:39 PM

PayPal, Inc. has its eye on pot payments. The payments processor recently joined the growing number of companies, municipalities and others lobbying Congress to approve cannabis banking legislation.

The San Jose, Calif.-based financial technology and small business lending company— which more typically lobbies on issues like mobile banking, transaction fees and international trade—added pot banking in its first quarter 2019 lobbying report.

PayPal’s foray into lobbying on the SAFE Banking Act is a signal that mainstream financial services companies are eager to start doing business with the cannabis industry—and are willing to pony up to get the legislation through Congress. ...

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