New York, the financial capital of the country, will soon launch a cannabis industry expected to generate billions of dollars in new economic activity. But there is still no guarantee, at the state or national level, of access to banking services. In response to the tension created by federal prohibition as cannabis is legalized in states across the country, the Secure and Fair Enforcement (SAFE) Banking Act was reintroduced in Congress in March. The Act would provide both clarity and safe harbor to financial institutions that want to work directly with legal cannabis and cannabis-related businesses. The U.S. House first passed the Act in a historic vote in 2019, but the bill later stalled in the then-GOP-controlled Senate. And while the House has already passed the Act this year, it still faces a steep climb in the Senate.
Alyson Martin, Cannabis Wire, 06/08/2021 20:00:00