The SAFE Banking Act recently passed in the House of Representatives by a vote of 321 to 103. It will now go to the Senate. That’s good news! It’s a long past time since the federal government loosened the reins on the burgeoning cannabis industry. The passage of this bill is a great sign for the future of marijuana-based banking. However, it’s important to temper our collective expectations and take a realistic look at what comes next, the implications for the industry, and what it means for companies like POSaBIT (CSE: PBIT). For marijuana growers, cultivators, distributors, retailers, and dispensaries, the passage of the SAFE Banking Act would be a tremendous boon. It would allow these lawful companies to safely and confidently bank with any financial institution on both the state and federal level. For POSaBIT, SAFE’s passage would mean our already-compliant payment solutions would simply garner more confidence and adoption within the cannabis industry.

Hemp Land, Cannabis Hemp Blog, 05/02/2021 08:08:00

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