Cannabis industry one step closer to banking access
If the bill is passed by the Senate, the cannabis industry will gain access to banking.
In a historic vote by the US Congress House of Representatives (321-103 in favour), a bill was passed which will allow legal cannabis businesses to have FULL ACCESS to banking if it becomes law.
As the first standalone marijuana reform bill to pass in a chamber of congress, the SAFE (Secure and Fair Enforcement) Banking Act aims to give legal cannabis businesses access to the banking industry, meaning customers will be able to use debit/credit cards to buy cannabis instead of cash and cannabis businesses will be able to operate safely and compliantly.
Rep. Earl Blumenaur (D-OR) said: “The states aren’t waiting for us. This is an $11 billion industry and growing. And it’s growing because the people and the states are demanding it. We need to step up.”
Unfortunately this isn’t the last hurdle the SAFE Banking Bill will face.
Give us the green light, Senators
Now, the SAFE Banking Bill faces the uphill challenge of gaining approval from the US Congress’ upper chamber, the Republican-controlled Senate.
“I’m fairly confident that either the SAFE Act or STATES Act will be passed,” said Rob DiPisa, co-chair of law firm Cole Schotz’s Cannabis Law Group. “I think the industry has come too far. The cat’s out of the bag, and it’s not going to disappear, so banking needs to happen.”
Neal Levine, chief executive officer of the Cannabis Trade Federation, said: “We applaud the House for approving this bipartisan solution to the cannabis banking problem, and we hope the Senate will move quickly to do the same.
“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.”
The cannabis industry aint going nowhere, it’s time to let them play with the big dogs and operate like a normal business with banking access.
Sourced
