On Wednesday, the House passed the SAFE Banking Act by 321-103 . The Act “would provide state-legal marijuana businesses with full access to banks and other financial services, as well as allow consumers to use credit- and debit cards when buying legal weed.”
Under current federal law, banks that service the cannabis industry run the risk of being prosecuted under statutes crafted in line with the War on Drugs. “If you do business with the cannabis industry, you can be liable for breaking money laundering laws,” says Michael Correia, director of government relations for the National Cannabis Industry Association. Punishment can be draconian, including stripping a bank of its FDIC deposit insurance.
The bill now advances to the Senate where it’s anyone’s guess what happens there.
