As expected, the SAFE Banking Act has officially been reintroduced in Congress. If this passes, banks and financial institutions will be legally allowed to conduct business with state-legal cannabis companies. However, there is one major distinction between this year’s legislation and that of the past few sessions. With Democrats now in control of both houses of Congress, this is the first time SAFE Banking has a genuine chance of becoming law and would be the largest change to the cannabis business landscape since states started legalizing for adults in 2012. Cannabis businesses have been deemed essential during a global pandemic by nearly every state in which marijuana sales are legal. The passage of this legislation would only reinforce that the emerging cannabis industry is an essential part of our nation’s economy, and will play a major role in the nation’s attempt to rebuild our economy in the wake of the Covid-fueled downturn.
Kris Krane, Cannabis Business Executive – Cannabis and Marijuana industry news, 04/01/2021 05:15:00