Cannabis Banking Bill Clears House Finance Committee
With a 45 to 15 vote Thursday, the House Financial Services Committee has advanced a major federal marijuana reform bill that would significantly expand legal cannabis businesses’ access to financial services. The Secure and Fair Enforcement (SAFE) Banking Act is just the third standalone cannabis bill to clear a congressional committee. And while no floor action is currently scheduled, a Democratic majority and an unprecedented 152 co-sponsors makes lawmakers confident that the SAFE Act will clear its full House vote easily and put pressure on the Senate to take action. Landmark Cannabis Banking Bill Kicks Off Federal Marijuana Reform Agenda One of the most substantial obstacles blocking cannabis industry growth has been its lack of access to even the most basic financial services. Federally backed and regulated financial institutions have been extremely reluctant to take on cannabis industry clients, despite wanting to, since doing so would expose them to federal money laundering...