The SAFE Banking Act would improve the safety of legal marijuana marketplaces and foster more entrepreneurship in the emerging legal industry Members of the House of Representatives voted today in favor of a stand-alone piece of legislation, The SAFE Banking Act, to remedy the ongoing inconsistencies between state and federal marijuana laws. In a vote of 321-101, House members approved HR 1996, The SAFE Banking Act, which would create a legal safe harbor for financial institutions to engage in business relationships with state-licensed and regulated cannabis companies. “For the first time since Joe Biden assumed the presidency, a supermajority of the House has voted affirmatively to recognize that the legalization and regulation of marijuana is a superior public policy to prohibition and criminalization,” said NORML Political Director Justin Strekal. “However, the SAFE Banking Act is only a first step at making sure that these state-legal markets operate safely and efficiently.
NORML, 04/18/2021 20:00:00