SAFE Banking Act for Cannabis Industry Reintroduced in House

WASHINGTON, D.C.–Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velázquez (D-NY), and Warren Davidson (R-OH) reintroduced the Secure and Fair Enforcement (SAFE) Banking Act today, which would provide protections for financial institutions serving cannabis-based businesses where it is legal. (Pictured above Nydia Velázquez, D-NY).

Reps. Perlmutter, Stivers, Velázquez, and Davidson reintroduced the bill to addresses an important public safety issue when legal cannabis businesses are forced to deal only in cash.  It’s likely to pass in Democrat controlled Congress but a push will be needed to get this important bill across the finish line.

Specifically, the SAFE Banking Act would provide a safe harbor for financial institutions accepting deposits from, extending credit or providing payment services to an individual, or business engaged in legal marijuana-related commerce.

It also provides safe harbor to credit unions and their employees who are not aware if their members or customers are involved in such businesses.

The bill passed the House in 2019 in a historic vote, with many industry stakeholders testifying before both House and Senate committees in support.