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House Passes Bill Allowing Cannabis Industry Access to Banks

House Passes Bill Allowing Cannabis Industry Access to Banks

The House of Representative this week passed a bill allowing banks to work with the cannabis industry. Known as the SAFE Banking Act, the Secure and Fair Enforcement Act of 2019 passed 321 to 103.

However, with a mostly party-line vote in the Democrat-led chamber, the legislation faces an uncertain future in the Republican-led Senate. Sponsored by Representative Ed Perlmutter, (pearl-mutter) a Colorado Democrat, the bill allows marijuana-related businesses in states with some form of legalized marijuana and strict regulatory structures to access the banking system.

Perlmutter notes that 47 states, four U.S. territories, and the District of Columbia, representing 97.7 percent of the U.S. population, have legalized some form of recreational or medical marijuana, including CBD oil. The bill was co-authored by Representatives Denny Heck, a Washington Democrat, and Steve Stivers, an Ohio Republican.

Mike Crapo, a Republican Senator from Idaho who serves as the Senate Banking Chairman, told reporters he wants the Senate to vote on the measure in the coming month. However, Crapo says he does not support the bill.

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