Legislation moving through Congress would provide banking and insurance protections for cannabis and cannabis-related businesses without the threat of federal penalties Things are about to change for cannabis and cannabis-related businesses, as landmark legislation to reform federal cannabis banking and insurance laws are just around the corner with the SAFE and CLAIM Acts now making their way through Congress. The Secure and Fair Enforcement (SAFE) Banking Act, which already passed in the House, would allow financial institutions to do business with cannabis companies without facing federal penalties. There are high expectations the proposal will make its way through the Senate and onto President Biden’s desk. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act was introduced in Congress in March and is in the first stage of the legislative process. If it passed, it would allow insurance companies to service cannabis businesses without the threat of federal penalties.
Jay Virdi, Cannabis Industry Journal, 05/17/2021 07:21:00