Cannabis Banking Bill Update

The SAFE Banking Act, which only weeks ago seemed defeated when it was stripped out of a military spending bill, has been revived as an amendment to a domestic spending bill in the U.S. House of Representatives.

The U.S. House of Representatives formally attached a marijuana banking reform amendment to a large-scale bill dealing with innovation and manufacturing, marking the most recent development in the push to protect financial institutions that work with state-legal cannabis businesses.

There was no floor debate about the cannabis provision itself, demonstrating how relatively noncontroversial the bipartisan-supported reform is in the House. The Senate, as observers of the issue know, is a different story.

The SAFE Banking Act is the best opportunity to enact some type of federal cannabis reform this year and will serve as the first of many steps to help ensure cannabis businesses are treated the same as any other legal, legitimate business.

Though legislative hurdles have arisen in the past, it appears as though there may be momentum for meaningful change. The hope is that bicameral negotiations do not remove the desired language from the currently proposed legislation, ultimately setting the stage for its enactment.

Episode 886 The #TalkingHedge dives into mjbizdaily & benzinga’s articles...
https://youtu.be/tpG3jFDmGzQ