The SAFE Banking Act passed the
House last night in a bipartisan vote, the first step to clearing the way for
banks to invest in marijuana businesses across the country. The law would protect
financial institutions that serve marijuana businesses from criminal
prosecution and other consequences, reported U.S. News & World Report. Because marijuana is illegal
at the federal level, federally insured banks and credit unions are wary of working
with marijuana businesses, forcing them to deal primarily in cash.
The SAFE Banking Act passed the
House by a vote of 321-103, with all but one Democrat and 91 Republicans supporting
it. FoxNews called it a “major
victory” for the marijuana industry. It’s still uncertain whether the
legislation will pass in the Senate. The Senate version of the bill is
sponsored by 33 senators but is still in committee.
The Wall Street Journal reported that the bill also requires federal
regulators to issue guidance to financial institutions regarding hemp and CBD.
“Allowing lawful
cannabis companies to access commercial banking services and end their reliance
on cash will greatly improve public safety, increase transparency, and promote
regulatory compliance,” Neal Levine, chief executive officer of the Cannabis
Trade Federation, told U.S. News & World Report.
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