Less than a week after pro-cannabis banking legislation was reintroduced in the U.S. House of Representatives, a parallel bipartisan measure was revived in the Senate – a move that drew applause from marijuana industry advocates. Sen. Jeff Merkley, a Democrat from Oregon, and Steve Daines, a Montana Republican, and 27 co-sponsors on Tuesday reintroduced the SAFE Banking Act in the Senate. The bill would provide safe harbor to any financial institutions that work with state-legal marijuana companies, even while MJ remains federally illegal. Industry insiders have long viewed such a move as a gateway to banking access since most large financial institutions remain wary of connections with the industry. The House passed the same bill in 2020 with an overwhelming bipartisan majority, but the measure stalled in the Senate. But now that Congress is Democratic-controlled, the bill’s chances are considered much improved.

Marijuana Business Daily, 03/23/2021 14:58:00

Open article: https://mjbizdaily.com/cannabis-banking-reform-reintroduced-in-us-senate/