It looks like the SAFER Banking Act, the renamed bipartisan bill that would allow banks to work with cannabis businesses without penalty, is gaining some traction-finally.
After a long and arduous wait, it looks like the SAFER Banking Act, the renamed version of the bipartisan law that would allow banks to work with cannabis businesses without penalties, is finally showing some traction after languishing in Congress. Today, the Senate Committee on Banking, Housing and Urban Affairs held a “markup” on the legislation and as expected, the bill passed decisively.
Although members of the House did overwhelmingly vote for the SAFE Banking Act, the bill’s earlier version, several times before, today’s vote marks the first time that Senate members have voted in favor of the measure.
Now it’s off to the Senate and the House for more debate, amendment and votes before hopefully proceeding to President Biden’s desk. If all goes well, the banking ban that has been the scourge of the legal cannabis industry since its inception will be lifted.
To say this could be a milestone victory in the history of the sector is to make a gross understatement.
