The Senate has advanced the bipartisan SAFER Act, which would allow legal cannabis businesses to access insurance and other financial services.
A new bill that will allow the legal marijuana industry to bank with financial institutions cleared a big hurdle in the Senate on Wednesday.
The Secure and Fair Enforcement Regulation Banking Act (SAFER Act) was approved by the Senate Banking Committee in a 14-9 vote Wednesday morning. The bill will now proceed to the full chamber for a final vote.
Senate Majority Leader Chuck Schumer, D-N.Y. – one of the bill’s staunch supporters – said on the floor Wednesday morning the upper chamber will prioritize passing the bill.
«I will bring SAFER banking to the floor for a vote as quickly as possible,» Schumer said in his opening remarks. «For too long, cannabis businesses have been forced to rely primarily on cash transactions. No credit or debit cards, dealing only in cash, stifles these businesses’ growth, opens them up to so many risks, makes them easy targets for theft, robbery and other crimes.
