skip to Main Content
Congress Passes Marijuana Banking Reform, But Cannabis Is Still Cash Only—For Now

In a bipartisan vote, the US House of Representatives on Monday approved reform of federal banking rules that would finally allow legal marijuana businesses to access banks.

Now, ending a dangerous and unwieldy cash-only cannabis industry—and encouraging investment that would diversify and make more equal what’s to date been an industry dominated mostly by white men and wealthy capitalists—heads yet again to the US Senate, which is where most cannabis reform bills have gone to die.

For the fourth time, the House voted to approve what’s known as the Secure and Fair Enforcement Banking Act, or SAFE Act.

Monday’s vote was 321 to 101, and included support from a majority of Republicans.

Though cannabis is legal at some level in 47 states—and adult-use cannabis is a booming billion-dollar industry in more than a dozen, with markets in four more states, including New York and New Jersey, soon to open—nearly every major bank and credit unions refuses to accept business from legal cannabis companies, for fear of federal prosecution or penalty.

This excuse strikes some observers as dishonest—banks for years did banner business with very illegal drug cartels, after all—and there are some banks who quietly accept cannabis customers. [Read more at Forbes]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published.

Recent Stories

Cannatrol Wins Grow Up Industry Award For Drying And Curing

PRESS RELEASE NORTH SPRINGFIELD, VERMONT – September 29, 2022 – Cannatrol the new disruptive innovator in precision cannabis drying and curing systems, today announced that it has been awarded a…

Marijuana legalization could bring Arkansas $460M, study finds

Marijuana legalization could bring $460 million to the state’s budget, according to a new study, but opponents said new revenue doesn’t overcome increased costs. Voters will get a chance in…

More than 2,500 apply for pardon under Pa. marijuana pardon project

More than 2,500 Pennsylvanians with minor, nonviolent marijuana criminal convictions have applied for a pardon under a new program launched by Democratic Gov. Tom Wolf and Lt. Gov. John Fetterman…

State politicians are growing concerned about NY’s legal marijuana rollout

Sparked by a NY Cannabis Insider story from earlier this month, New York’s Legislative Commission on Rural Resources has asked the Office of Cannabis Management for clarification and updates on the state’s rollout…

More Categories

Back To Top
×Close search
Search