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Nearing finish line, fight for cannabis banking bill shifts to the Senate

Advocates are hopeful that a bill that would allow the financial sector to finally serve cannabis businesses could head to President Trump’s desk by the end of the year.

The House in a strong bipartisan vote last week passed the Secure and Fair Enforcement (SAFE) Banking Act, which would allow banks and financial institutions to work with cannabis businesses.

The bill now faces an uncertain future in the Republican-held Senate, with little time left on the legislative calendar and Congress already distracted by funding fights and the House Democratic impeachment inquiry into Trump.

But supporters see growing momentum for the legislation and are hopeful they are nearing the finish line despite challenges.

The unusual coalition of financial sector lobbyists, progressive lawmakers, law enforcement officials and cannabis businesses backing the bill cheered the House vote as building momentum for the Senate.

“A strong bipartisan outcome in the House last night means that we have a better chance of getting the Senate’s attention,” Terry Holt, a spokesman for National Cannabis Roundtable and a partner at HDMK, told The Hill after the 321-103 House vote, which saw 229 Democrats, 91 Republicans and one Independent back the bill. [Read More @ The Hill]

 

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