Will Banks finally get the protection and support they need to serve marijuana businesses legally?
Marijuana Banking Reform Act, a bill to protect banks that work with state-legal marijuana businesses, was reintroduced in the House this week and has advanced! This bill will protect banks that serve marijuana businesses from being penalized! The Banking Reform Act was reintroduced as the Secure and Fair Enforcement Bank Act (SAFE).
The SAFE Banking Act would ensure that financial institutions could take on cannabis business clients without facing federal penalties. The fear of this has kept many banks and credit unions from working with the industry, forcing marijuana firms to operate on a cash basis that makes them targets of crime and creates complications for financial regulators.
The bill cleared the house during the last congress, but it did not advanced in the Senate under Republican control. Since Democrats are now in charge of the house, the White House, Senate and House are looking forward to this legislation becoming a law this year! Insiders feel we have a solid chance.
lender 420 has been following closely to bring you the latest on banking, financials, and legalization updates!
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